On February 1, 2021 Gandalf Company acquired all of Balrog Company's outstanding common stock for $710 million. The fair value of Balrog's identifiable tangible and intangible assets was $962 million and the fair value of Balrog's liabilities (which were assumed by Gandalf) was $335 million. Near the end of Gandalf's 2021 fiscal year, certain triggering events occurred that led Gandalf's management to perform a impairment tests on the Balrog acquisition. After writing down any impaired assets, the following information was revealed: Fair value of Balrog at 12/31/2021: $680 million Book value of Balrog's net assets (including goodwill): $705 million Estimated sum of future cash flows (undiscounted) from Balrog: $950 million Required a) Compute the amount of goodwill that Gandalf recorded when Balrog was acquired in February b) Determine the amount of goodwill impairment loss, if any, that Gandalf should record at the end of 2021. If there is no impairment loss, just write, "No loss." c) Show the journal entry to record any goodwill impairment loss. If no entry is required, just write, "No entry