On January 1, 2020 Columbus Corporation had net assets with a book value of $262,000 and a fair value of $275,000. On January 2, 2020 Chicago Corporation purchased Columbus Corporation for $320,000.

b. Assume that as of December 31, 2020 the book value of the net assets of the Columbus division is $290,000 and the fair value of the division is $285,000. What (if any) is the amount of the goodwill impairment? Clearly label and show all of your work.

c. What is the balance of goodwill as of 12/31/20? Clearly label and show all of your work.