Problem
On December 31, an entity tested its goodwill for impairment and determined the following for one of its reporting units:
Carrying value $1,015,000
Fair value 935,000
The entity also estimated at the beginning of the year that the present value of the future cash flows expected from its reporting unit was $940,000. The reporting unit reports goodwill of $110,000 at year-end. What is the goodwill impairment loss that will be reported on the December 31 income statement under GAAP?