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Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $351,250 in cash and issued

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Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $351,250 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 $ 84,500 192,000 216,250 720,500 646,000 379,000 ? (146,000) (659,000) Carrying Amounts 12/31/21 $ 46,500 241,500 256,500 802,500 614,000 318,000 418,000 (204,000) (590,000) 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 $1,685,000. What amount of goodwill impairment, if any, should Alfonso B. Prou 2 of 4 Next 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. Nc 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.) View transaction list Journal entry worksheet

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