Wilbur Company acquired Smith Company on January 1, 2017. As part of the acquisition, $1,000,000 in goodwill was recognized and assigned to Wilbur's Transportation reporting unit. For 2017, earnings from the Transportation reporting unit were $450,000. Separately traded companies with operations similar to the Transportation reporting unit had market values approximately equal to five times earnings. As of December 31, 2017, book values and fair values of the Transportation reporting unit were:

Wilbur Company acquired Smith Company on January 1, 2017. As part of the acquisition, $1,000,000 in goodwill was recognized and assigned to Wilbur's Transportation reporting unit For 2017, earnings from the Transportation reporting unit were $450,000. Separately traded companies with operations similar to the Transportation reporting unit had market values approximately equal to five times earnings. As of December 31, 2017, book values and fair values of the Transportation reporting unit were: Book Values Fair Values $4,000,000 $4,500,000 Intangible Assets $1,000,000 Goodwill $2,500,000 Liabilities $2,500,000 Prepare the impairment test of goodwill as well as any entry needed to record an impairment OSS