On July 1, 2023, Monty Corporation purchased the net assets of Soorya Company by paying $456,000 cash and issuing a $49.4001 note payable to Soorya At July 1, 2023, the statement of financial position of Soorya was as follows Cash $75,600 Accounts payable $314,900 Accounts receivable 110,000 Soorya, capital 239,000 Inventory 98.700 $553.900 Land 50,700 Buildings (net) 75,600 Equipment (net) 94.800 Trademarks (net). 48,500 $553.900 The recorded amounts all approximate current values except for land (worth $60,6000, inventory worth $132.2001, and trademarks (worthless). The receivables are shown net of an allowance for expected credit losses of $13,000. The amounts for buildings equipment, and trademarks are shown net of accumulated amortization of $13.000, $29,000, and $48.000, respectively Prepare the July 1, 2023 entry for Monty to record the purchase. (Credit account titles are automatically indented when the amount entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) Date Account Titles and Explanation July 1, 2023 Debit Credit Prepare the July 1, 2023 entry for Monty to record the purchase (Clit act sites are automatically indented when the am er for the amounts Lital de entered. Do not indent manually if no entry is required, select "No Entry for the account entries before credit entries) Date Account Titles and Explanation July 1, 2023 Debit Credit Assume that Monty is a private entity and tested its goodwill for impairment on December 31, 2024, Management detarmicet that the reporting unit's carrying amount including goodwill was $521,000 and that the reporting unit's fair value including goodwill) was $445.000. Determine if there is any impairment and prepare any necessary entry on December 31, 2024, Monty applies ASPE (Credit account titles are automatically indented when the amount is entered. Do not indent manually if no entry i required, select "No entry for the account titles and enter O for the amounts. List debit entry before credit entry) Date Dec. 31, 2024 Account Titles and Explanation Debit Credit eTextbook and Media Prepare the July 1, 2023 entry for Monty Corporation to record the purchase. Assume that the purchase price was $201.500, all paid in cash (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is require select "No Entry" for the account titles and enter O for the amounts List all debit entries before credit entries) Date Account Titles and Explanation July 1,2023 Debit Credit Prepare the July 1, 2023 entry for Monty Corporation to record the purchase. Assume that the parchine price win $201.500.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 O for the amounts List off debit entries before credit entries) Date Account Titles and Explanation July 1.2023 eTextbook and Media Debit Credit Based on part (a), assume now that Monty is a public entity and tested its goodwill for impairment on December 31, 2024 The cash-generating unit's values including goodwill) are as follows Carrying amount $521,000 Value in use 493.000 Fair value 445,000 Disposal costs 27,000 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: Dec. 31, 2024 Account Titles and Explanation Debit Credit eTextbook and Media