In 2020, Colten Electronics purchased Wostom Electronics, paying $2.9 million in a note payable. The market value of Western Electronics assets was $32 million, and Western Electronics had liabilities of $2.3 million Required 1. Compute the cost of the goodwill purchased by Colten Electronics 2. Record the purchase by Colten Electronics 3. At 2020 year end, the annual review of goodwill value indicated no impairment of goodwill. Record the entry Colten will make for goodwill at December 31, 2020 4. Al 2021 year end, the annual review of goodwill value indicated a 40 percent impairmont of the Western Electronics goodwill. Record the entry for the goodwill impairment at December 31, 2021 Requirement 1. Compute the cost of the goodwill purchased by Colton Electronics (Enter the amount in doltare not millions The cost of the goodwill purchased by Colten Electronics was $ Requirement 2. Record the purchase by Colten Electronics (Enter amounts in dollars, not millions. Record debits first, then credits, Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the journal entry table.) General Journal Date Account Titles and Explanations Credit Choose from any list or enter any number in the input fields and then continue to the next question Debit Requirement 2. Record the purchase by Colton Electronics (Enter amounts in dollars, not millions. Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the journal entry table.) General Journal Date Account Titles and Explanations Debit Credit 2020 Doc 31 Requirement 3. At 2020 year end, the annual review of goodwill value indicated no impairment of goodwill. Record the entry Colton will make for goodwill at December 31, 2020. (Enter amounts in dollars, not millions. Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the journal entry table.) General Journal Date Account Titles and Explanations Debit Credit 2020 Doc 31 Requirement 4. Al 2021 year end, the annual review of goodwill value indicated a 40 percent impairment of the Western Electronics goodwill. Record the entry for the goodwill impairment at December 31, 2021. (Enter amounts in dollars, not millions. Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the journal entry table.) General Journal Date Account Titles and Explanations Debit Credit 2021 Dec 31
