Prepare a second spreadsheet that shows a 2015 impairment loss for the entire amount of the goodwill from the ChipTech acquistion

December 31, 2015 Revenues Cost of Goods Sold Depreciation expense Amortization expense Innovus ChipTech $ (990,000) $ (210,000) 500,000 90,000 100,000 5,000 55,000 18,000 Consolidation Entrie Debit Credit E 20,000 E 40,000 Net income $ (97,000) Retained earnings 1/1/15 Depreciation and amoritization expense Net income $ (1,555,000) $ (450,000) S E 450,000 Dividends declared Retained earnings 12/31/15 250,000 40,000 $ (1,680,000) $ (507,000) Current assets Investment in ChipTech Common stock and APIC Retained earnings Trademark Existing technology Goodwill Equipment (net) Trademark Existing technology $ Dividend income (375,000) Goodwill Total assets Liabilities Common Stock Additional paid-in capital Retained earnings 12/31/15 Total liabilities and equity (40,000) (375,000) $ 960,000 $ 670,000 (97,000) D (40,000) S S A A A (130,000) (370,000) (40,000) (80,000) (50,000) 355,000 765,000 235,000 - 225,000 100,000 45,000 E E 36,000 64,000 450,000 - A 50,000 $3,080,000 $ $ (60,000) 725,000 (780,000) $ (88,000) (500,000) (100,000) (120,000) (30,000) (1,680,000) (507,000) $ (3,080,000) (725,000) 100,000 30,000 (4,000) (16,000) Consolidated Totals $ $ $ $ (1,200,000) Fair value of consideration transferred for ChipTech $670,000 590,000 Book Value of ChipTech 105,000 Common stock and Additional Paid-in Capital $130,000 93,000 Retained earnings 370,000 500,000 - Excess fair value over book value to (412,000) Trademark (10-year remaining life) Existing technology (5-year) remaining life (1,615,000) Goodwill (412,000) 250,000 $ (1,777,000) $ 1,315,000 - 990,000 367,000 93,000 500,000 $ 3,265,000 $ (868,000) (500,000) (120,000) $ (1,777,000) $ 170,000 (3,265,000) (375,000) $ 40,000 80,000 120,000 $ 50,000