Goodwill is recorded in the accounting records when a company purchases another company for a price exceeding the fair value of its identifiable net assets. The journal entry to record goodwill involves debiting the Goodwill account and crediting the corresponding payment accounts like Cash or Accounts Payable. Each year, companies must perform impairment tests on goodwill and adjust the carrying value if necessary through a journal entry that debits the Goodwill Impairment Loss and credits the Goodwill account.

yes

depends on what is happening with goodwill - purchase? sale? labor? etc. etc.

No; goodwill can not be depreciated because goodwill is not considered to have a useful life.

goodwill