Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $498,750 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. BelAire Reporting Unit Cash Receivables Inventory Patents Customer relationships Equipment (net) Goodwill Accounts payable Long-term liabilities Fair Values 1/1/20 $ 98,000 206,750 228,500 720,000 671,500 375,500 ? (126,000) (629,500) Carrying Amounts 12/31/21 $ 51,000 246,000 261,000 819,000 642,000 300,000 454,000 (215,000) (544,000) 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 $1,730,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Complete this question by entering your answers in the tabs below. 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.)