On January $1,2020,$ Innovus, Inc., acquired $100$ percent of the common stock of ChipTech Company for $$670,000$ in cash and other

fairvalue consideration. ChipTech's fair value was allocated among its net assets as follows:

The December $31,2021,$ trial balances for the parent and subsidiary follow $($there were no intra$-$entity payables on that date$)$:

Required

a$.$ Using Excel, compute consolidated balances for Innovus and ChipTech. Either use a worksheet approach or compute the balances

directly.

b$.$ Prepare a second spreadsheet that shows a $2021$ impairment loss for the entire amount of goodwill from the ChipTech acquisition.