maling Time10 Quan Completion Fratus Question 3 " 12 45 points Save Awa One 11, 2019, Majestic Co acquired all of the common stock of Golden Company, which became a division of Majestic Co. Golden reported the following statement of al po at the time of the acquisition Golden Company Statement of Financial Position Aust Patasets (net) Equity and Liabilities $1,050,000 Share capital-ordinary $950,000 Anventory 375,000 Retained earnings 900,000 Revestables Cash focal aut 650,000 250 000 $2.325/400 Accounts payable 475,000 Total equity and liabilities $2.325,000 An appraisal inficated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchase price was $2,500,000, and the amount was paid in cash to the previous owners of Golden Company Required a. Prepare the entry to record the purchase of Golden Company Assume that the carrying amount of Golden Company division's net assets, including goodwill is $2,700,000. The recoverable amount of the division 90 000 Prepare the journal entry to record the impairment loss (if any) on December 31, 2019.