Circle the letter of the best response$\mathrm{.}1.$ Presented below is information related to copyrights owned by Harcott Company at Dece$31,2020.$CostExpected Future net cash flowUseful Life $5-$The Journal Entry should be record at December $31,2020$:a$.$ Debit Impairment Loss $250000,$ Credit Copyrights $250000.$b$.$ Debit Impairment Loss $50000,$ Credit Copyrights $50000.$c$.$ Debit Impairment Loss $300000,$ Credit Copyrights $300000.$d$.$ Debit Impairment Loss $100000,$ Credit Copyrights $100000.$same.Use the following Information to answer Ouestion $2$ and $3$: Presented below is net Sseinformation related to the Harco Company as of December $31,2022$:Net Assets $($including goodwill $300000)$ equal $525000,$ Management estimated its future net casnflows from the division to be $600000.$ Management has also received an offer to purehase theCompany for $502500.$ All identifiable assets and liabilities book and fair value amounts are thea$\mathrm{.}2.$ The Amount of Implied Goodwill is:b$.277500.$a$750000500000375000\mathrm{.}3.$ The Amount of Loss on Impairment Goodwill is:b$.277500\mathrm{.}375000.$a$\mathrm{.}4.$ The Journal entry to record issuance of the note:c$.$Credit Cash $150000,$ Debit Notes Payable $150000.$b$.$ Debit Cash $150000,$ Credit Notes Payable $150000.$c$.$ Debit Cash $12000,$ Credit Notes Payable $12000.$d$.$ Credit Cash $12000,$ Debit Notes Payable $12000\mathrm{.}5.$ The Journal entry at December $31,2020$:Carrying Amount $550000$Fair Value$450000$Use the following information to answer Question $4$ and $5$:Feng Company Issued a $150000,4$ year, annual rate $8?\%$ note at face value to X Bank on January $1,2020$and received $150000$ cash, The interest Payments each January $1.$a$.$ Credit Interest Expense $12000,$ Debit Cash $12000.$c$.22500.$b$.$ Debit Interest Payable $12000,$ Credit Interest Expense $12000.$Debit Interest Expense l$12000,$ Credit Cash $12000$d Credit lnterest Payable $12000,$ Debit Interest Expense $12000.$U'se the following information to answer Question $6,7$ and $8$:Present value of l for $10$ periods at $59\%..$Present value of $1$ for $5$ periods at $59\%....$Present value of l for l$0$ periods at $12\%..$Present value of I for $5$ periods at $129\%$Present value of annuity for l$0$ periods at $59\%.$Present value of annuity for S pePresent value of annuity for $10$ periods at $12\%.$s at $5\%...$Present value of annuity for $5$ periods at $12\%.$a$.89720$Se$******\mathrm{.}6.$The Carrying amount $($present value$)$ to note is:b$\mathrm{.}72538$ S$.$c$.22500.$Lerch Company Issued a $5$ year, $200000$ S$,$ annual rate $5\%$ note to Arcon company on Januathe market rate of interest is $12\%$c$.200000$ s$.$d$.75000.********$e$*0\mathrm{.}613910\mathrm{.}783530\mathrm{.}321970\mathrm{.}567437\mathrm{.}721734\mathrm{.}329485\mathrm{.}65022$d$.75000\mathrm{.}3\mathrm{.}60478$d$.149534$ S$\mathrm{.}1$Page$2$