SunTrust Bank acquired BB&T on January 1, 2019. The $440,000 excess of cost over book value of BB&T’s net assets was partly attributable to a patent undervalued by $210,000. The patent has a 10-year life. The remaining excess is considered goodwill. The parent uses the equity method of pre-consolidation Equity investment bookkeeping. The pre-consolidation financial statements of the two companies for 2022 are presented below.

	SunTrust Bank	BB&T
Sales revenue	$3,100,000	$440,000
Cost of goods sold	-1,580,000	-252,000
Gross profit	1,520,000	188,000
Operating expenses	-485,000	-68,000
Equity income	99,000	0
Net Income	$1,134,000	$120,000
Retained Earnings, 1/1/22	$1,700,000	$750,000
Net income	1,134,000	120,000
Dividends	-65,000	-42,000
Retained Earnings, 12/31/22	$2,769,000	$828,000
Cash and receivables	$535,000	$501,000
Inventory	758,000	840,000
Equity investment	1,844,160
Property, plant & equipment (Net)	4,558,840	1,205,480
Total Assets	$7,696,000	$2,546,480
Accounts payable	$265,000	$182,430
Accrued liabilities	458,000	272,390
Notes payable	780,000	603,500
Common stock	460,000	204,540
Additional paid-in capital	2,964,000	455,620
Retained Earnings, 12/31/22	2,769,000	828,000
Total Liabilities and Equities	$7,696,000	$2,546,480

1. Perform the POST-ASU 2017-04 quantitative two-step Goodwill impairment test and make the required journal entry for impairment, if necessary. Assume the estimated fair value of BB&T is $1,700,000. The fair value of the identifiable net assets is $1,550,000. Prepare any journal entries resulting from the test