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On July 1, 2020. Pina Colada Corporation purchased the net assets of Soorya Company by paying $450,000 cash and issuing a $49.100 note payable to

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On July 1, 2020. Pina Colada Corporation purchased the net assets of Soorya Company by paying $450,000 cash and issuing a $49.100 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows: Cash $75,300 Accounts payable $316,200 Soorya, capital 233,000 Accounts receivable 121,000 Inventory 96,200 Total $549.200 Land 47.900 75,300 Buildings (net) Equipment (net) 85.000 Trademarks Inet) 48,500 Total $549.200 The recorded amounts all approximate current values except for land (worth $60,300), inventory (worth $141.000), 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, 526,000 and $47,000, respectively Prepare the July 1, 2020 entry for Pina Colada 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 > > Assume that Pina Colada 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 $536,000 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, 2021. Pina Colada applies ASPE. (Credit account titles are automatically indented when the amount is entered. Do not ndent 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 Prepare the July 1, 2020 entry for Pina Colada Corporation to record the purchase. Assume that the purchase price was $204,500, all paid in cash. (Credit occount titles are automatically Indented when the amount is entered. Do not Indent manually) Date Account Titles and Explanation Debit Credit July 1, 2020 C Based on part (a), assume now that Pina Colada 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: Carrying amount $536,000 Value in use 488,000 Fair value 450,000 Disposal costs 32,000 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

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