1. Presented below net asset information related to the Salmon Division of Horton Inc. Cash $ 40,000,000 Receivables 160,000,000 Property, plant, and equipment (net) 2,080,000,000 Goodwill 160,000,000 Less: Notes payable (2,160,000,000) Net assets $ 280,000,000 The purpose of the Salmon division is to develop a nuclear-powered aircraft. If successful, delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not much success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be $320 million. Management has received an offer to purchase the division for $268 million. The identifiable book and fair value amounts of the assets and liabilities are the same. Prepare the journal entry (if any) to record the goodwill impairment at December 31, 2014. (10 points) b. At December 31, 2015, it is estimated that the division's fair value increased to $276 million. Prepare the journal entry (if any) to record this increase in fair value. (10 points)