On July 1, 2020. Marigold Corporation purchased the net assets of Soorya Company by paying $444,000 cash and issuing a $49,200 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows: Cash $75,800 Accounts payable $319,000 106,000 Soorya, capital 235,000 Accounts receivable Inventory 96,300 Total $554,000 Land 48,400 Buildings (net) 75,800 Equipment (net) 101,800 Trademarks (net) 49.900 Total $554,000 The recorded amounts all approximate current values except for land (worth $58.400), inventory (worth $127,800), 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 $19.000, $27,000 and $49,000, respectively. Prepare the July 1, 2020 entry for Marigold Corporation to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Ques Accoun Date Account Titles and Explanation Debit Credit Quest Account July 1, 2020 Cash Accounts Receivable Quest Account Inventory Viewie Account Land Buildings Equipment Assume that Marigold 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 $516,000 and that the reporting unit's fair value (including goodwill) was $458,000. Determine if there is any impairment and prepare any necessary entry on December 31 2021. Marigold 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2021 e Textbook and Media Prepare the July 1, 2020 entry for Marigold Corporation to record the purchase. Assume that the purchase price was $203,900, 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 AL V Ac > > > Based on part (a), assume now that Marigold is a public entity and tested its goodwill for impairment on December 31, 2021 The cash-generating unit's values (including goodwill) are as follows: $516,000 Carrying amount Value in use 481,000 Fair value 458.000 Disposal costs 28,000 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2021