Use the following to answer the four questions below On January 1, 2018, P Company acquired the Net Assets of s Company for $320.000 cash. The fair value of S's Identifiable Net Assets was $300,000 on this day. P Company decided to measure goodwill impairment using the present value of future cash flows to estimate the fair value of the reporting unit. The information for two subsequent years was as follows: Year Present Value of Future Cash Flows Carrying Value of the Identifiable Net Assets Fair Value of the Identifiable Net Assets 2019 $500.000 $410,000 $420.000 2020 $510,000 $500.000 $495.000 In year 2019, S Company had: * O Excess of fair value over carrying value of $70,000 Excess of fair value over carrying value of $90,000 O Excess of carrying value over fair value of $70,000 O Excess of carrying value over fair value of $90,000 In year 2020, S Company had implied value of goodwill: * O $5,000 O $15,000 O $20,000 O None of the above The entry to record the goodwill impairment loss in 2020 must include: * O An increase in goodwill account by $5,000 O A decrease in goodwill account by $15,000 O An increase of Impairment loss(Goodwill) account by $5,000 O No impairment loss Assume that, in year 2020, there was a goodwill impairment loss of $7,000, what would be the balance of goodwill after this impairment? * O $20,000 O $13,000 O $8,000 O None of the above