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CE Parent Inc. acquired 100 percent of the voting shares of Subsidiary Company on January 1, 2020. In exchange, Parent paid $248,750 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Parent's stock had a fair value of $15 per share. The combination is a statutory merger with Subsidiary subsequently dissolved as a legal corporation. Subsidiary's assets and liabilities are assigned to a new reporting unit under the parent company. The following shows fair values for the Subsidiary reporting unit for January 1, 2020 along with respective carrying amounts on December 31, 2021. Fair Values Carrying Amounts 12/31/21 Subsidiary Reporting Unit 1/1/20 Cash $ 93,500 $ 49,500 Receivables 209,000 244,500 Inventory 217,500 259,500 Patents 518,000 640,500 597,250 554,000 Customer relationships Equipment (net) Goodwill 385,500 314,000 ? 520,000 Accounts payable (139,000) (193,000) (560,000) Long-term liabilities (653,000) Note: Parentheses indicate a credit balance. a. To consolidate with the subsidiary, please prepare Parent's journal entry to record the assets acquired and the liabilities assumed in the Subsidiary merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. Don't combine them. b. Assume the parent assesses the value of the goodwill annually. On December 31, 2021, Parent opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire Subsidiary reporting unit is $1,715,000. What amount of goodwill impairment, if any, should Parent recognize on its 2021 income statement? Complete this question by entering your answers in the tabs below. Required Required A B Prepare the journal entry regarding the statutory merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. (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.) Show less View transaction list Journal entry worksheet 1 Record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2020 View general journal Record entry Clear entry Complete this question by entering your answers in the tabs below. Required Required A B On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,715,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Show less Goodwill impairment loss