Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $623,000 in cash and issued 113,000 shares of its own $1 par value common stock. On this date, Francisco's stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltran's assets and liabilities are assigned to a new reporting unit. The following reports the fair values for the Beltran reporting unit for January 1, 2017, and December 31, 2018, along with their respective book values on December 31, 2018 Fair Values Fair Values 12/31/18 Book Values 12/31/18 Beltran Reporting Unit Cash Receivables Inventory Patents Customer relationships Equipment (net) Goodwil1 Accounts payable Long-term liabilities $ 126,500 $92,500 $ 92,500 238,500 313,750 618,500 689,250 368,000 277,500 360,000 712,000 648,000 295,000 277,500 354,500 576,500 603,500 289,100 420,000 (274,000) (506,000) (216,500) (579,000) (274,000) (506,000) a. Prepare Francisco's journal entry to record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017 b. On December 31, 2018, Francisco opts to forgo any goodwill impairment qualitative assessment and estimates that the total fain value of the entire Beltran reporting unit is $1,714,500. What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement? Prepare Francisco's journal entry to record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017.(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 Record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2017 On December 31, 2018, Francisco opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire Beltran reporting unit is $1,714,500. What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement?. Goodwill impairment loss