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Question 27 Tamarisk Golf and Sports was formed on July 1, 2020, when Steve Power driver purchased Old Master of Corporation Om Master providing video go instruction at Hosks in shopping malls, Powerdriver's plan is to make the instruction business part of this of equipment and accessory stores. Powerdriver paid $630,000 cash for Old Master. At the time of purchase, Old Master's statement of financial position reported assets of $550.000 and liabilities of $100,000 (shareholders' equity was $450,000). The fair value of Old Master's Identifiable assets was estimated to be $690,000. Included in the identifiable assets was the old Master trade name with a fair value of $24,000 and a corright on some instructional books with a fair value of $24,000. The trade name had a remaining legal e of five years and can be renewed indefinitely at nominal cost. The right haaremaining life of 40 years Assume that Tamarisk Golf and Sports is a private company reporting under ASPE Prepare the intangible assets section of Tamarisk Golf and Sports at December 31, 2020. (Round answers to decimal places, ..5,275.) INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION SHOW LIST OF ACCOUNT Windo 3.275. decimal places, How much amortization expense is included in Tamarisk's income for the year ended December 31, 20207 (Round answer to istine At the end of 2022, Powerdriver is evaluating the results of the instructional business. Due to fierce competition from Internet sites and television, the Old Master reporting unit has been losing money and has a carrying amount (including goodwill of $450,000 and fair value induting goodwill of $26.000 Powerdriver has collected the following information about the company's intangible assets: Expected Cash Flows Intangible Asset (Undiscounted) Trade name $20,000 Copyright 39,000 Fair Value $17,000 34.000 Prepare the required journal entries, if any, to record impairment on Tamarisk automatically indented when the amount is entered to not indenta Intangible assets. Assume that amortization for 2022 has been recorded.) (Credit account ly) s are Account Titles and Explanation Question 27 Tamarisk Golf and Sports was formed on July 1, 2020, when Steve Power driver purchased Old Master of Corporation Om Master providing video go instruction at Hosks in shopping malls, Powerdriver's plan is to make the instruction business part of this of equipment and accessory stores. Powerdriver paid $630,000 cash for Old Master. At the time of purchase, Old Master's statement of financial position reported assets of $550.000 and liabilities of $100,000 (shareholders' equity was $450,000). The fair value of Old Master's Identifiable assets was estimated to be $690,000. Included in the identifiable assets was the old Master trade name with a fair value of $24,000 and a corright on some instructional books with a fair value of $24,000. The trade name had a remaining legal e of five years and can be renewed indefinitely at nominal cost. The right haaremaining life of 40 years Assume that Tamarisk Golf and Sports is a private company reporting under ASPE Prepare the intangible assets section of Tamarisk Golf and Sports at December 31, 2020. (Round answers to decimal places, ..5,275.) INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION SHOW LIST OF ACCOUNT Windo 3.275. decimal places, How much amortization expense is included in Tamarisk's income for the year ended December 31, 20207 (Round answer to istine At the end of 2022, Powerdriver is evaluating the results of the instructional business. Due to fierce competition from Internet sites and television, the Old Master reporting unit has been losing money and has a carrying amount (including goodwill of $450,000 and fair value induting goodwill of $26.000 Powerdriver has collected the following information about the company's intangible assets: Expected Cash Flows Intangible Asset (Undiscounted) Trade name $20,000 Copyright 39,000 Fair Value $17,000 34.000 Prepare the required journal entries, if any, to record impairment on Tamarisk automatically indented when the amount is entered to not indenta Intangible assets. Assume that amortization for 2022 has been recorded.) (Credit account ly) s are Account Titles and Explanation