Use this information to answer questions 8-11. On January 1, 2015, Sibley Corp. purchased company Z for $40,000 in cash and paid immediately. Sibley assumed all of Company Z's assets and assumed Company Z's liabilities. Company Z has assets valued at $60,000 and liabilities valued at $50,000. Question 8 15 pts What is the amount of goodwill that should be recorded on Sibley Corp.s books? Provide the journal entry for the acquisition of company Z. Make sure to include the account classifications and clearly label your debits and credits. Edit View Insert Format Tools Table 12pt Paragraph ' : Question 9 15 pts In 2016, Sibley Corp. must test for the impairment of the goodwill. Assume the only goodwill on Sibley Corp.'s books is from the acquisition of company Z. Sibley Corp. determined that the goodwill has an estimated future cash flow of $25,000 and a fair market value of $20,000. Does Sibley Corp. have to recognize an impairment? Why or why not? If an impairment must be recognized, compute the impairment loss and record the journal entry. Edit View Insert Format Tools Table 12pt Paragraph BI U ALT? : Question 10 5 pts Suppose the estimated future cash flow of goodwill in question (9) is $32,000, while the fair market value continues to be $20,000. Does Sibley Corp. have to recognize an impairment? Why or why not? If an impairment must be recognized, compute the impairment loss and record the journal entry. Edit View Insert Format Tools Table 12ptParagraph B I U A e Tv 2 Question 11 5 pts Suppose Sibley Corp. estimates that company Z will only be useful to them for 10 years. What is the annual amortization expense for the goodwill of company Z? Edit View Insert Format Tools Table 12pt Paragraph B I U ALT