On July 1, 2020, Swifty Corporation purchased the net assets of Soorya Company by paying $426,000 cash and issuing a $53,100 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows:

Cash $75,000 Accounts payable $318,700

Accounts receivable 113,000 Soorya, capital 232,000

Inventory 96,600 Total $550,700

Land 48,000

Buildings (net) 75,000

Equipment (net) 94,100

Trademarks (net) 49,000

Total $550,700

The recorded amounts all approximate current values except for land (worth $61,800), inventory (worth $134,500), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $13,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $15,000, $22,000, and $53,000, respectively.

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

(B) Assume that Swifty 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 $548,000 and that the reporting unit's fair value (including goodwill) was $455,000. Determine if there is any impairment and prepare necessary entry on December 31, 2021. Swifty 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 Swifty Corporation to record the purchase. Assume that the purchase price was $204,900, 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 Swifty 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 $548,000

Value in use 492,000

Fair value 455,000

Disposal costs 34,000

Determine if there is any impairment and prepare 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.)