On January 1, 2020, Innovus, Inc., acquired 100 percent of the common stock of Chip Tech Company for $670.000 in cash and other fair value consideration, Chip Tech's fair value was allocated among its net assets as follows: $670,000 $130.000 370,000 Fair value of consideration transferred for ChipTech Book value of ChipTech Common stock and Additional Paid In Capital (APIC) Retained earnings Excess fair value over book value to Trademark (10 year remaining) Existing technology (5-year remaining life) Goodwill 500,000 170.000 $ 40,000 80.000 120.000 $ 50.000 The December 31, 2021. trial balances for the parent and subsidiary follow there were no intra cntity payables on that date Revenues Cost of goods sold Depreciation expense Amortization expense Dividend income Net income ChipTech $1210,000) 90.000 5.000 18.000 $97.000 Innovus $ 1990,000) 500,000 100,000 55,000 (40,000 $ (375.000 $11.555.000) (375.000) 250.000 $11.680.000 $ 960.000 670.000 765,000 235.000 0 450.000 $3.080.000 Retained earnings 1/1/21 Net income Dividends declared. Retained earnings 12/31/21 Current assets Investment in ChipTech Equipment (net) Trademark Existing technology Goodwill Total assets Liabilities Common stock Additional pold-in capital Retained earnings 12/31/21 Total liabilities and equity $(450,000 197.000 40.000 S/507.000 $ 355.000 225,000 100.000 45.000 $ 780,000 (500.000) (120.000 (1.680,000) $3080000) $ 725.000 (88.000 (100,000 130.000 1507.000 $225.000 Required 4. Using Excel, compute consolidated balances for Innovus and Chip Tech Ether use a worksheet approach or compute the balances directly b. Prepare a second spreadsheet that shows a 2021 impairment loss for the entire amount of goodwill from the Chip Tech acquisition