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CengageNOWv2 1 Online tez X Course Hero X M Your question has been upt X Dashboard C C7 Hwk v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Print Item Goodwill Impairment On January 1, 20Y3, The Simmons Group, Inc., purchased the assets of NWS Insurance Co. for $42,915,000, a price reflecting an $5,364,375 goodwill premium. On December 31, 20Y9, The Simmons Group determined that the goodwill from the NWS acquisition was impaired and had a value of only $2,816,297. a. Determine the book value of the goodwill on December 31, 20Y9, prior to making the impairment adjustment. 5,364,375 b. Illustrate the effects on the accounts and financial statements of the December 31, 20Y9, adjustment for the goodwill impairment. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Statement of Cash Flows Goodwill 20Y9 Dec. 31. -2,548,078 Statement of Cash Flows No effect p Type here to search Assets + No effect Balance Sheet Liabilities No effect Stockholders ' Equity Retained Earnings -2,548,078 Income Statement Loss from impaired goodwill Windows Go to Settings to activate Wind 2:21 AM 9/22/2020