Need correct answers and procedures, thank you!

On July 1, 2017, Vinson Corporation acquired Carley Company for $900,000 cash. At the time of purchase, Carley's balance sheet showed assets of $775,000 and liabilities of $250,000. The fair value of Carley's assets is estimated to be $950,000 and the fair value of liabilities is estimated to be $250,000. Instructions - Show all work. (a) Compute the amount of goodwill acquired by Vinson. (b) On December 31, the fair value of Carley is estimated to be $720,000 and the carrying value of Carley's net assets, including the goodwill, at year-end is $750,000. In addition, it is determined on December 31 that Inventory is understated by $50,000 and Equipment is overstated by $25,000. Prepare Vinson's journal entry, if necessary, to record impairment of goodwill