Assume, further, that the acquisition was consummated on October $1,2024,$ as described above. However, by the end of $2025,$

Swifty was concerned that the fair values of one or both of the acquired units had deteriorated. To test for impairment, Swifty

decided to measure good will impairment using the present value of future cash flows to estimate the fair value of the reporting

units $($Sheffield and Sarasota$).$ Swifty accumulated the following data:

$*$Identifiable Net Assets do not include goodwill.

Prepare the journal 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 titles are automatically indented

when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the

amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Impairment Loss

$200000$

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