Stanvid Company Provided the Following Information:
Fair Value of the Reporting

Stanvid Company provided the following information:
Fair value of the reporting unit, including goodwill $\quad$ $\quad$ $1,400,000
Book value of reporting unit, excluding goodwill $\quad$ $\quad$ $\quad$ $1,000,000
Add: Carrying value of goodwill $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ 600,000
Carrying value of the reporting unit, including goodwill $\quad$ $1,600,000


The qualitative assessment of goodwill is completed and it is more likely than not that goodwill is impaired. Describe the process for determining if Stanvid needs to record a goodwill impairment loss and prepare any required journal entries.