Question: Determination of Implied Fair Value using the FASB ASU 2017-4 standards. I achieved the below calculations using the current standards but am not sure how to go about it using the update. Please tell me how to calculate the below using the NEW STANDARDS and include the Journal Entry

Fair Value of assets including Goodwill $445 Million

(Fair Value of Assets excluding Goodwill) ($425 Million)

=Implied Fair Value of Goodwill $20 Million

Measurement of Impairment Loss:

Book value of Goodwill $125 Million

(Implied Fair Value of Goodwill) ($20 Million)

=Impairment Loss $105 Million

Journal Entry for Impairment Loss:

Date Dec 31

Impairment loss on Goodwill Debit $105,000,000

Goodwill Credit $105,000,000

1.Based on the information above can early adoption of the FASB ASU 2017-4 standards update be used if so determine the amount of goodwill impairment loss using the data above and if applicable prepare the journal entry and indicate how the impairment should be reported on the income statement, balance sheet and cash statement

2.According to FASB ASU 2017-4, what would be the financial note disclosure?