Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $548,750 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Alfonso's stock had a fair value of $15 per share. The combination is a statutory merger with BelAire subsequently dissolved as a legal corporation. BelAire's assets and liabilities are assigned to a new reporting unit. The following shows fair values for the BelAire reporting unit for January 1, 2020 along with respective carrying amounts on December 31, 2021. Fair Values Carrying Amounts BelAire Reporting Unit 1/1/20 12/31/21 Cash $ 102,500 $ 52,500 Receivables 198,250 247,500 Inventory 235,250 262,500 Patents 821,000 898,500 Customer relationships 621,250 598,000 Equipment (net) 393,000 295,000 Goodwill 484,000 Accounts payable (126,500) (225,000) Long-term liabilities (680,000) (596,000) ? Note: Parentheses indicate a credit balance. a. Prepare Alfonso's journal 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. b. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,745,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Required A Required B Prepare Alfonso's journal 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 transaction/event, select "No journal entry required" in the first account field. Show the amount of cash received and paid as two separate amounts.) Show less View transaction list Journal entry worksheet Record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2020 Record entry Clear entry View general journal Required A Required B On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,745,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Goodwill impairment loss