In $2019,$ Quasar Ltd$.$ acquired all of the common stock of Penlight Laser for $$124$ million. The fair value of Penlight$$s identifiable tangible and intangible assets totaled $$205$ million, and the fair value of liabilities assumed by Quasar was $$95$ million. Quasar performed a required goodwill impairment test at the end of its fiscal year ended December $31,2021.$ Management has provided the following information:

Fair value of Penlight $($reporting unit$)$ $ $115$ million

Fair value of Penlight$$s net assets $($excluding goodwill$)107$ million

Book value of Penlight$$s net assets $($including goodwill$)125$ million

Required:

$1.$ Determine the amount of goodwill that resulted from the Penlight acquisition.

$2.$ Determine the amount of goodwill impairment loss that Quasar should recognize at the end of $2021,.$

$3.$ If an impairment loss is required, prepare the journal entry to record the loss.