Please answer question E9-41

41. Estimating Goodwill Impairment LO3 On January 1 of the current year. Engel Company purchases 100% of Ball Company for $8.4 million. At the time of acquisition, the fair value of Ball's tangible net assets (excluding goodwill) is $8.1 million. Engel ascribes the excess of $300,000 to goodwill. Assume the fair value of Ball declines to $6.25 million and the fair value of Ball's tangible net assets is estimated at $6.15 million as of December 31. u. Determine if the goodwill has become impaired and, if so, the amount of the impairment. b. What impac t does the impairment of goodwill have on Engel's financial statements? 41. Estimating Goodwill Impairment LO3 On January 1 of the current year. Engel Company purchases 100% of Ball Company for $8.4 million. At the time of acquisition, the fair value of Ball's tangible net assets (excluding goodwill) is $8.1 million. Engel ascribes the excess of $300,000 to goodwill. Assume the fair value of Ball declines to $6.25 million and the fair value of Ball's tangible net assets is estimated at $6.15 million as of December 31. u. Determine if the goodwill has become impaired and, if so, the amount of the impairment. b. What impac t does the impairment of goodwill have on Engel's financial statements