Pablo 314 Ace Company acquired the net assets of Heart Company on January 1, 2017, for P500,000 cash. The fair value of Ace's net assets was P400,000. a. Required: 1. What amount of goodwill was recorded by Ace Company when it acquired Heart Company? 2. Using the information above, answer the following independent questions: On December 31, 2018, there were indications that goodwill might have been impaired. At that time, the carrying value of Ace Company's net assets, including goodwill, was P500.000 and the recoverablc amount of the unit is P520,000. Is goodwill impaired? If so, what adjustment is needed? b. On December 31, 2020, there were indications that goodwill might have been impaired. At that time, the carrying value of Ace Company's net assets, excluding goodwill, was P340,000. The recoverable amount of the unit was estimated to be P400,000. Is goodwill impaired? If so, what adjustment is needed