A. Prepare a balance sheet for the business combination. Assume the following: Swifty Company acquires all the assets and assumes all the liabilities of Sheffield and Sarasota Companies by issuing in exchange 140,970 shares of its common stock to Sheffield Company and 40,380 shares of its common stock to Sarasota Company. (List assets in order of liquidity. Enter negative account balance with negative sign preceding the number e.g. -5,125 or parentheses e.g. (5,125).)

this got cut off from part B

Stockholders of Swifty Company, Sheffield Company, and Sarasota Company are considering alternative arrangements for a business combination. Balance sheets and the fair values of each company's assets on October 1, 2024, were as follows: Swifty Company shares have a fair value of $50. A fair (market) price is not available for shares of the other companies because they are closely held. Fair values of liabilities equal book values. SWIFTY COMPANY Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $ Assume, further, that the acquisition was consummated on October 1, 2024, as described above. However, by the end of 2025 , Swifty was concerned that the fair values of one both of the acquired units had deteriorated. To test for impairment, Swifty decided to measure goodwill impairment using the present value of future cash flows to estimate the fair value of the reporting units (Sheffield and Sarasota). Swifty accumulated the following data: "Identifiable Net Assets do not include goodwill. Prepare the journal entry, if needed, to record goodwill impairment at December 31, 2025. Use FASB's simplified approach to test for goodwill impairment (assume that the qualitative test is satisfied or bypassed). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Prepare the journal entry, if needed, to record goodwill impairment at December 31, 2025. Use FASB's simplified approach to test for goodwill impairment (assume that the qualitative test is satisfied or bypassed). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) "Identifiable Net Assets do not include goodwill