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In late July 2020, Bridgeport Ltd. a private company, paid $2.10 million to acquire all of the net assets of Sarasota Corp., which then became

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In late July 2020, Bridgeport Ltd. a private company, paid $2.10 million to acquire all of the net assets of Sarasota Corp., which then became a division of Bridgeport. Sarasota reported the following statement of financial position at the time of acquisition: It was determined at the date of the purchase that the fair value of the identifable net assets of Sarasota was $1.60 million. Over the next six months of operations, the new division had operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31,2020 , the fair value of the Sarasota Division is $1,840,000, and the division reports the following statement of financial position information: Assume that Bridgeport Ltd. prepares financial statements in accordance with ASPE. Calculate the amount of goodwill, if any, that should be recognized in late July 2020. Goodwill eTextbook and Media List of Accounts Determine the loss on impairment, if any, to be recognized on December 31,2020 . (If an answer is zero, please enter 0 . Do not leave any fields blank.) Impairment loss eTextbook and Media List of Accounts Assume that the fair value of the Sarasota Division on December 31, 2020, is $1.30 million. Determine the loss on impairment, if any, that would be recognized. Impairment loss Prepare the journal entry to record the foss on impairment, if any. (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 occount titles and enter O for the amounts.)

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