Exercise 12-14 Presented below is net asset information related to the Larkspur Division of Santana, Inc. Larkspur Division As of December 31, 2020 (in millions) 2,607 Accounts receivable Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets 2.502) $493 The purpose of the Larkspur Division is to develop a nuclear-powered aircraft If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write down at this time is appropriate Management estimated Its future net cash flows from the project to be 1410 million Management has also received an offer to purchase the division for $335 million (deemed an appropriate fair value). Al identifiable assets and abities' book and fair value amounts are the same Prepare the journal entry to record the impairment at December 31, 2020. (I ne entry is required, select "No Entry for the account titles and enter ities are automatically indented when amount is entered. De moindent manually) for the amounts. Credit account Account Tities and Explanation At December 31, 2021. It is estimated that the division's fair value increased to $349 million. Prepare the journal entry to record this increase in fair value. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to show Work for this questioni Doen Show Work