On August 15, 2021, Yellowstone Industries Inc. decided to expand its operations by purchasing the assets and liabilities of Marathon Company for a cash payment of $545,195. Following are the book values and fair values of each of the assets and liabilities of Marathon Company on August 15, 2021: Description Cash Accounts receivable Equipment Trade name Unearned revenue Notes payable Book Value Fair Value $ 76,340 $ 76,340 176,460 156,525 299,990 276,998 31,767 65,950 9.900 9,900 31,940 31,940 Yellowstone Industries is a public corporation that follows IFRS. All of the assets and liabilities purchased are allocated to a single cash-generating unit, known as the Marathon Division. On December 31, 2022, the following information is available about the net assets of the Marathon Division: Fair value less costs to sell of net assets Fair value of net assets Carrying value of net assets Value in use of net assets $ 500,574 526,920 525,467 $21,631 Required: 1. Prepare the journal entry for Yellowstone's purchase of the net assets of Marathon Company on August 15, 2021. (4 marks) 2. Determine if there is any impairment of goodwill for the Marathon Division and prepare any necessary journal entry on December 31, 2022. (3 marks