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On July 1, 2020, Flounder Corporation purchased the net assets of Soorya Company by paying $453,000 cash and issuing a $54,900 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows: Accounts payable Soorya, capital Total $317,400 232.000 $549,400 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks (net) Total $ 74,100 111,000 99,000 50,700 74,100 92,000 48,500 $549,400 The recorded amounts all approximate current values except for land (worth $61,600), inventory (worth $132,400), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $13,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $22,000, $27,000, and $47,000, respectively. Your answer is partially correct. Prepare the July 1, 2020 entry for Flounder Corporation to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 Accounts Receivable Inventory 132400 Land 61600 Buildings 74100 Equipment 92000 Goodwill Accounts Payable 317400 Cash 453000 Notes Payable 54900 e Textbook and Media * Your answer is incorrect. Assume that Flounder is a private entity and tested its goodwill for impairment on December 31, 2021. Management determined that the reporting unit's carrying amount (including goodwill) was $544,000 and that the reporting unit's fair value (including goodwill) was $453,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2021. Flounder applies ASPE. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Prepare the July 1, 2020 entry for Flounder Corporation to record the purchase. Assume that the purchase price was $202,400, all paid in cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 e Textbook and Media X Your answer is incorrect. Based on part (a), assume now that Flounder is a public entity and tested its goodwill for impairment on December 31, 2021. The cash-generating unit's values (including goodwill) are as follows: Carrying amount Value in use Fair value Disposal costs $544,000 492,000 453,000 24,000 Determine if there is any impairment and prepare any necessary entry on December 31, 2021. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021