Alfonso Inc. acquired $100$ percent of the voting shares of BelAire Company on January $1,2020.$ In exchange, Alfonso pald $$307,000$ in cash and issued $100,000$ shares of its own $$1$ par value common stock. On this date, Alfonso's stock had a falr value of $$15$ per share. The combination is a statutory merger with BelAire subsequently dissolved as a legal corporation. BelAire's assets and liabilitles are assigned to a new reporting unit.

The following shows fair values for the BelAlre reporting unit for January $1,2020$ along with respective carrying amounts on December $31,2021.$

Note: Parentheses indicate a credit balance.

a$.$ Prepare Alfonso's journal entry to record the assets acquired and the liabilitles assumed in the BelAire merger on January $1,2020.$ Note: Enter cash pald and cash recelved as two separate amounts.

b$.$ On December $31,2021.$ Alfonso opts to forgo any goodwill impalrment qualitative assessment and estimates that the total falr value of the entire BelAire reporting unit is $$1,670,000.$ What amount of goodwill impairment, if any, should Alfonso recognize on its $2021$ Income statement?

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Prepare Alfonso's joumal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January $1,2020.$ Note: Enter cash paid and cash received as two separate amounts. $($If no entry is required for a transactiorvevent, select $"$No joumal entry required" in the first account field. Show the amount of casn received and paid as two separate amounts.

Requirement B $-$ on Dec $31,2021$ Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire Bel Aire reporting unit is $$1670000.$ What amount of goodwill impairment should he recoginze on the $2021$ income statement?