On July 1, 2017, Zhuang Corporation purchased the net assets of Shina Company by paying $415,000 cash and issuing a $50,000 note payable to Shina Company. At July 1, 2017, the statement of financial position of Shina Company was as follows: Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks (net) $75,000 Accounts payable 102,000 Shina, capital $300,000 239,000 98,000 $539,000 50,000 75,000 90,000 49.000 $539,000 The recorded amounts all approximate current values except for land (worth $55,000), inventory (worth $130,000), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $12,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $16,000, $26,000, and $49,000, respectively. Instructions (a) (6 marks) Prepare the July 1, 2017 entry for Zhuang Corporation to record the purchase. (b) (3 marks) Assume that Zhuang is a private entity and tested its goodwill for impairment on December 31, 2018. Management determined that the reporting unit's carrying amount (including goodwill) was $500,000 and that the reporting unit's fair value (including goodwill) was $450,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2018. Zhuang applies ASPE. (c) (2 marks) What is the impact or change if part (a) is repeated, assuming that the purchase price was $204,000, all paid in cash