On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $530 million. The fair value of Harman's identifiable tangible and intangible assets totaled $589 million, and the fair value of liabilities assumed by Pesky was $163 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information:

Fair value of Harman, Inc.	$	510	million
Fair value of Harman's net assets (excluding goodwill)		450	million
Book value of Harman's net assets (including goodwill)		522	million

Required: 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2021, if any. 3. If an impairment loss is required, prepare the journal entry to record the loss.

On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for $530 million. The fair value of Harman's identifiable tangible and intangible assets totaled $589 million, and the fair value of liabilities assumed by Pesky was $163 million. Pesky performed a goodwill impairment test at the end of its fiscal year ended December 31, 2021. Management has provided the following information: Fair value of Harman, Inc. Fair value of Harman's net assets (excluding goodwill) Book value of Harman's net assets (including goodwill) $510 million 450 million 522 million Required: 1. Determine the amount of goodwill that resulted from the Harman acquisition. 2. Determine the amount of goodwill impairment loss that Pesky should recognize at the end of 2021, if any. 3. If an impairment loss is required, prepare the journal entry to record the loss. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Determine the amount of goodwill that resulted from the Harman acquisition and the amount of goodwill impairment loss that Pesky should recognize at the end of 2021, if any. (Negative amounts should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10)). Goodwill Goodwill impairment loss million million Req 1 and 2 Req3 >