Francisco Inc acquired 100 percent of the voting shares of Beltran Company on January 1, 2017 In exchange, Francisco paid $615,250 in cash and issued 124,000 shares of its own $1 par value common stock On this date, Franciscos stock had a fair value of $12 per share The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation Beltrans 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 Beltran Reporting Unit Fair Values 1 1 17 Fair Values 12 31 18 Book Values 12 31 18 Cash $ 113,500 $ 68,500 $ 68,500 Receivables 279,500 331,500 331,500 Inventory 445,500 488,000 477,500 Patents 521,000 624,000 476,000 Customer relationships 599,250 570,000 532,000 Equipment (net) 354,000 267,000 259,950 Goodwill 516,000 Accounts payable (161,000 ) (219,000 ) (219,000 ) Long term liabilities (564,500 ) (486,000 ) (486,000 ) Prepare Franciscos journal entry to record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017 Prepare Franciscos 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 ) 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 $1,816,500 What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement 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 $1,816,500 What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement

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Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $615,250 in cash and issued

Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $615,250 in cash and issued 124,000 shares of its own $1 par value common stock. On this date, Franciscos stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltrans 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.

Beltran Reporting Unit	Fair Values 1/1/17			Fair Values 12/31/18			Book Values 12/31/18
Cash	$	113,500		$	68,500		$	68,500
Receivables		279,500			331,500			331,500
Inventory		445,500			488,000			477,500
Patents		521,000			624,000			476,000
Customer relationships		599,250			570,000			532,000
Equipment (net)		354,000			267,000			259,950
Goodwill		?			?			516,000
Accounts payable		(161,000	)		(219,000	)		(219,000	)
Long-term liabilities		(564,500	)		(486,000	)		(486,000	)

Prepare Franciscos journal entry to record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017. Prepare Franciscos 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.)
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 $1,816,500. What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement?

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 $1,816,500. What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement?