On July 1, 2023, Martinez Corporation purchased the net assets of Soorya Company by paying $449,000 cash and issuing a $49,500 note payable to Soorya. At July 1, 2023, the statement of financial position of Soorya was as follows:

Cash		$74,500		Accounts payable		$312,800
Accounts receivable		118,000		Soorya, capital		238,000
Inventory		96,900				$550,800
Land		48,600
Buildings (net)		74,500
Equipment (net)		89,000
Trademarks (net)		49,300
		$550,800

The recorded amounts all approximate current values except for land (worth $59,400), inventory (worth $138,400), and trademarks (worthless). The receivables are shown net of an allowance for expected credit losses of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $15,000, $31,000, and $53,000, respectively.Prepare the July 1, 2023 entry for Martinez to record the purchase. (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. List all debit entries before credit entries.)

Date	Account Titles and Explanation	Debit	Credit
July 1, 2023		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount
		enter a debit amount	enter a credit amount

Assume that Martinez is a private entity and tested its goodwill for impairment on December 31, 2024. Management determined that the reporting units carrying amount (including goodwill) was $533,000 and that the reporting units fair value (including goodwill) was $462,000. Determine if there is any impairment and prepare any necessary entry on December 31, 2024. Martinez 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. List debit entry before credit entry.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2024

Prepare the July 1, 2023 entry for Martinez Corporation to record the purchase. Assume that the purchase price was $203,100, all paid in cash. (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. List all debit entries before credit entries.)

Date	Account Titles and Explanation	Debit	Credit
July 1, 2023

Based on part (a), assume now that Martinez is a public entity and tested its goodwill for impairment on December 31, 2024. The cash-generating units values (including goodwill) are as follows:

Carrying amount		$533,000
Value in use		475,000
Fair value		462,000
Disposal costs		32,000

Determine if there is any impairment and prepare any necessary entry on December 31, 2024. (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. List debit entry before credit entry.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2024