Impairment Testing $-$ Multiple Cash Generating Units: A company has three reporting units $($divisions$)$: A$,$ B$,$ and C$.$ Unit C has experienced declining sales and profitability for several years. The carrying amounts are: A $-$ $$1\mathrm{.}5$ million, B $-$ $$2$ million, C $-$ $$1$ million. A valuation expert determines the fair value less cost to sell to be: A $-$ $$1\mathrm{.}6$ million, B $-$ $$1\mathrm{.}8$ million, C $-$ $$500,000.$ Corporate assets $($not allocated to any unit$)$ have a carrying value of $$500,000.$

Explain the steps involved in the impairment testing process.

Calculate the necessary impairment loss$($es$)($if any$)$ and allocate them to the reporting unit$($s$)$ and goodwill.

Prepare the journal entry to record any impairment loss.

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