Use the following to answer the two questions below P Company wishes to acquire S Company for cash in an asset acquisition. The following balance sheets were reported on January 1, 2020. for P Company and Company: P Company S Company Current Assets Inventory Property, Plant. & Equipment (PPE) net Total Assets 216,000 324.000 660.000 1,200,000 108.000 162.000 330.000 600,000 Liabilities Common Stock. $2 par value Other Contributed Capital Retained Earnings Total Liabilities & Equity 480.000 150.000 138.000 432.000 1,200,000 245.000 85.000 54,000 216,000 600,000 After auditing and appraising S company's balance sheet, it was revealed that the fair value of all the accounts was equal to their book value, except for Inventory and PPE. Their value was $190.000 and 300.000 respectively. The purchase price below which P Company would record a gain on acquisition from this asset acquisition is: * $355,000 $353,000 $600,000 O None of the above Assume that, in year 2020, there was a goodwill impairment loss of $7,000, what would be the balance of goodwill after this impairment? * O $20,000 O $13,000 O $8,000 O None of the above