On July 1, 2017, BELL Corporation purchased the net assets of SOYA Company by paying $442,000 cash and issuing a $53,600 note payable to SOYA Company. At July 1, 2017, the statement of financial position of SOYA Company was as follows:

Cash		$75,000		Accounts payable		$314,500
Accounts receivable		113,000		Soorya, capital		239,000
Inventory		97,700		Total		$553,500
Land		50,300
Buildings (net)		75,000
Equipment (net)		92,900
Trademarks (net)		49,600
Total		$553,500

The recorded amounts all approximate current values except for land (worth $61,300), inventory (worth $132,700), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $16,000, $28,000, and $49,000, respectively.

The July 1, 2017 entry for BELL Corporation to record the purchase.

Assume that BELL is a private entity and tested its goodwill for impairment on December 31, 2018. Management determined that the reporting units carrying amount (including goodwill) was $524,000 and that the reporting units fair value (including goodwill) was $460,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2018. BELL applies ASPE.

Here's the list of accounts below to consider:

Accounts Payable Accounts Receivable Accumulated Amortization - Copyrights Accumulated Amortization - Customer Lists Accumulated Amortization - Customer Database Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licenses Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trademark Accumulated Impairment Losses - Copyrights Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Copyright Cost of Goods Sold Customer Database Customer Lists Delivery Expense Depreciation Expense Development Costs Discount on Bonds Payable Due from Factor Due to Customer Equipment Fair Value - NI Investments Finance Expense Finance Revenue Franchises Freight-in Freight-out Gain on Disposal of Intangible Assets Gain on Sale of Equipment Gain on Sale of Land Goodwill Income Summary Intangible Assets Interest Expense Interest Income Interest Receivable Inventory Land Leasehold Improvements Licenses Loss on Disposal of Intangible Assets Loss on Disposal of Software Loss on Impairment - Goodwill Loss on Impairment - Licences Loss on Impairment - Trademarks Loss on Impairment - Copyrights Loss on Impairment - Patents Loss on Sale of Copyright Loss on Sale of Receivables Machinery Maintenance and Repairs Expense Miscellaneous Expense No Entry Notes Payable Notes Receivable Office Expense Office Expense - Bank Charges Patents Petty Cash Prepaid Expenses Prepaid Rent Purchase Discounts Recovery of Loss from Impairment Rent Expense Research and Development Expense Resource Liability Retained Earnings Revaluation Gain or Loss Revaluation Surplus Revaluation Surplus (OCI) Royalty Expense Sales Sales Discounts Sales Discounts Forfeited Sales Revenue Selling Expenses Servicing Liability Service Revenue Sick Pay Wages Payable Software Start-up Expenses Supplies Supplies Expense Trademarks Trade Names Unearned Revenue Unrealized Gain or Loss - FV-NI

Date Account Titles and Explanation Debit Credit July 1, 2017 Cash Accounts Receivable 124000 Inventory 132700 Land 61300 Buildings Equipment 92900 Goodwill 260200 Allowance for Doubtful Accounts 11000 Cash 442000 Notes Payable 53600 Accounts Payable 314500