Please create a journal entry & adjusting entries

0) Goodwill must be tested for impairment each year. It was first recorded when your firm purchased 60% of another firm. The Fair value of the entire subsidiary with goodwill is $700,000. The fair value of the entire subsidiary without goodwill is $600,000.

11) The derivatives are options purchased to protect the firm from loss. The derivatives served their purpose but no longer have any remaining value.