Land On July 1, 2020, Monty Corporation purchased the net assets of Soorya Company by paying 5486,000 cash and issuing a $19.00 note payable to Soorya Company. At ay 1, 2020, the statement et financial position of Soorya Company was as follows: $75,600 Accounts payable $314,900 Accounts receivable 110,000 Soorya, capital 239,000 Inventory 98,700 Total $553,900 50,700 Buildings (net) 75,600 Equipment (net) 94,800 Trademarks (net) 48,500 Total $553,900 The recorded amounts all approximate current values except for land (worth $60,600), Inventory (worth $132.200), and trademarks (worthless). The receivables are shown ret of an alowance for doubtfut accounts of $13,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $13,000, 429,000, and 148,000, est Prepare the July 1, 2020 entry for Monty Corporation to record the purchase. (Credit account titles are automatically indented when the amount is tard. Du not indent manual) Date Account Tities and Explanation Debit Credit July 1, 2020 V PRINTER VERSION Prepare the July 1, 2020 entry for Monty Corporation to record the purchase. (Credit account titles are automatically indented when the amount is entered. De not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 > > > > > > > > > > > LINK TO TERT LINE TO TEXT LINK TO TEXT Assume that Monty is a private entity and tested its goodwill for impairment on December 31, 2021. Management determined that the reporting unit's carrying amount indding gow) $521,000 and that the reporting unit's fair value (including goodwill) was $445,000. Determine if there is any impairment and prepare any necessary entry on December 11, 2021. Monty ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry is required, select "Me entry for the accounts and enter o for the amounts.) Account Titles and Explanation Debit Credit Dec 31, 2021 Date repare the July 1, 2020 entry for Monty Corporation to record the purchase. Assume that the purchase price was $201.500, all paid in cash. (Credit account titles are automatically indente when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1, 2020 > > > v 5 v > Based on pert (a), assume now that Monty is a public entity and tested its goodwill for impairment on December 31, 2021. The cash-generating unit's values (including potwil) are as follow Carrying amount $521,000 Value in use 493,000 Fair value 445,000 Disposal costs 27,000 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 o for the amounts.) Account Titles and Explanation Date Debit Credit Dec 31, 2021