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Question 4 On June 31, 2019. Majestic Co. acquired all of the common stock of Golden Company, which became a division of position at the time of the acquisition: Assets Plant assets (net) Inventory Receivables Cash Total assets Golden Company Statement of Financial Position Equity and Liabilities $1,050,000 Share capital-ordinary $950,000 375,000 Retained earnings 900.000 650.000 Accounts payable 475.000 250.000 $2.325,000 Total equity and liabilities $225.000 45 points Save Anne En Company, which became a division of Majestic Co. Golden reported the following statement of financial 50,000 0.000 5.000 25.000 Total equity and liabilities $2.325,000 An appraisal indicated that the fair value of the inventory was $355,000 and the fai amount was paid in cash to the previous owners of Golden Company. Required: a. Prepare the entry to record the purchase of Golden Company. b. Assume that the carrying amount of Golden Company division's net asse to be $ 2.600,000. Prepare the journal entry to record the impairment loss For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 00 f the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The ag ners of Golden Company. e of Golden Company. -f Golden Company division's net assets, including goodwill is $2,700,000. The recow nal entry to record the impairment loss (If any) on December 31, 2019. 10 (Mac). value of the plant assets was $1,350,000. The agreed purchase price was $2,500,000, and this s, including goodwill is $2,700,000. The recoverable amount of the division is estimated If any) on December 31, 2019, D