In 2014, Quasar Ltd. acquired all of the common stock of Penlight Laser for $125.20 million. The fair value of Penlights identifiable tangible and intangible assets totaled $206.80 million, and the fair value of liabilities assumed by Quasar was $96.20 million. Quasar performed a required goodwill impairment test at the end of its fiscal year ended December 31, 2016. Management has provided the following information:

Fair value of Penlight	116.80 mil
Fair value of Penlights net assets (excluding goodwill)	107.60 mil
Book valie of Penlights net assets (including goodwill)	125.60

1. Determine the anount of goodwill that resulted for the Penlight acquistition.

2. Determine the amount of goodwill impairment loss that Quasar should recognize at the end of 2016, if any.

3. If an impairment loss is required, prepare the journal entry to record the loss.