QuestionAt December 31, 2023, Palestine Commercial Bank division reports the following balance sheet information: \begin{tabular}{|l|c|} \hline Current assets & $\$ 800,000$ \\ \hline Noncurrent assets & $2,600,000$ \\ \hline Goodwill & 300,000 \\ \hline Current liabilities & $(700,000)$ \\ \hline Long-term liabilities & $\underline{(500,000)}$ \\ \hline Net assets & $\$ 2,500,000$ \\ \hline \end{tabular}
It is determined that the fair value of Palestine Commercial Bank division is $\$ 3,500, \overrightarrow{000}$ at December 31, 2023. The recorded amount for Palestine Commercial Bank's division net assets is different for property, plant, and equipment, which has a fair value of $\$ 350,000$ abov ) the carrying value, for csurrent liabilities which have a fair value of $\$ 250,000$ below the carrying value, and for long-term liabilities which have a fair value of $\$ 200,000$ above the carrying value 1) The amount of implied goodwill is $\$$ $\qquad$ 900,000 . 2) Prepare the journal entry (if any) to record goodwill impairment at Dec. 31, 2023. \begin{tabular}{|c|c|c|} \hline Account & DR & CR \\ \hline Dro Loss un impowiwent & 600,000 & \\ \hline Cno Gow & & 600,000 \\ \hline \end{tabular}