On July 1, 2020, Bridgeport Corporation purchased the net assets of Soorya Company by paying $448,000 cash and issuing a $46,700 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows:

Cash		$74,400		Accounts payable		$317,800
Accounts receivable		117,000		Soorya, capital		236,000
Inventory		97,200		Total		$553,800
Land		49,000
Buildings (net)		74,400
Equipment (net)		93,800
Trademarks (net)		48,000
Total		$553,800

The recorded amounts all approximate current values except for land (worth $60,000), inventory (worth $137,100), 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 $23,000, $28,000, and $49,000, respectively.

A) Prepare the July 1, 2020 entry for Bridgeport Corporation to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

B) Assume that Bridgeport is a private entity and tested its goodwill for impairment on December 31, 2021. Management determined that the reporting units carrying amount (including goodwill) was $545,000 and that the reporting units fair value (including goodwill) was $465,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2021. Bridgeport applies ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

C) Prepare the July 1, 2020 entry for Bridgeport Corporation to record the purchase. Assume that the purchase price was $202,400, all paid in cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

D) Based on part (a), assume now that Bridgeport is a public entity and tested its goodwill for impairment on December 31, 2021. The cash-generating units values (including goodwill) are as follows:

Carrying amount		$545,000
Value in use		490,000
Fair value		465,000
Disposal costs		24,000

Determine if there is any impairment and prepare any necessary entry on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)