1. Public Enemy (PE) acquired the assets of Beastie Boys (BB) for $15,000,000, at the time PE valued BBs assets at $10,000,000 and recorded goodwill of $5,000,000 on its balance sheet. After a year, PE tests its assets for impairment and found out that company BBs revenue has declined. As a result, the current value of company BBs assets has decreased from $10,000,000 to $7,000,000. Determine if any the impact on goodwill and prepare the impairment entry.