Accounts titles to use

Assets (Except Goodwill)

Common Stock

Goodwill

Impairment Loss

Liabilities

No Entry

Other Contributed Capital

Retained Earnings

Stockholders of Culver Company. Concord Company, and Bridgeport 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: Culver Company shares have a fair value of \$55. 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. Assume, further, that the acquisition was corsummated on October 1, 2024, as described above. However, by the end of 2025 , Culver was concerned that the fair values of one or both of the acquir ed units had deteriorated. To test for impairment. Culver decided to measure goodwill impairment using the present value of future cash flows to estimate the fair value of the reporting urits (Concord and Bridgeport). Culver accumulated the following data: "Identifiable Net Assets do not include goodwill. Prepare the joumal 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 tidles are outomatically indented when the amourt is entered. Do not indent manually. If no entry is required, seiect "No Entry" for the account tit les and enter 0 for the amounts. List debit entry before credit entry.)