On January 1, 2017, ABC purchased DEF Industries for $150 million. At the time of purchase, DEF’s book value was measured at $100 million. On December 31, 2018, ABC recognized a $50 million impairment for the purchase. How would ABC’s asset side of the balance sheet be impacted?

• Fixed Assets would be debited $50 million
• Fixed Assets would be credited $50 million
• Goodwill would be debited $50 million
• Goodwill would be credited $50 million