On July 1, 2020, Flint Corporation purchased the net assets of Soorya Company by paying $455,000 cash and issuing a $54,900 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 $310,400 Accounts receivable 105,000 Soorya, capital 237,000 Inventory 96,700 Total $547,400 Land 49.100 Buildings (net) 74,400 Equipment (net) 99,400 Trademarks (net) 48,400 Total $547.400 The recorded amounts all approximate current values except for land worth 560,200), inventory (worth $125,500). 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 $21.000, $22.000 and $52.000, respectively, Prepare the July 1, 2020 entry for Flint Corporation to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 5 Assume that Flint is a private entity and tested its goodwill for impairment on December 31, 2021. Management determined that the reporting unit's carrying amount (including goodwill) was $511,000 and that the reporting unit's fair value (including goodwill) was $454,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2021. Flint 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Prepare the July 1, 2020 entry for Flint Corporation to record the purchase. Assume that the purchase price was $202,800, all paid in cash. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 > >