Presented below is net asset information related to the Larkspur Division of Santana, Inc Larkspur Division Net Assets As of December 31, 2020 (in millions) Cash $74 Accounts receivable 207 2.618 Property plant and equipment (net) Goodwill Less: Notes payable 203 12.613) $489 Net assets The purpose of the Larkspur Division is to develop a nuclear powered aircraft. If successful traveling delays associated with refoeling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write down at this time is appropriate. Management estimated its future net cash flows from the project to be $410 million Management has also received an offer to purchase the division for $335 million (deemed an appropriate fair value. All identifiable assets and liabilities book and fair value amounts are the same (a) Your answer is correct Prepare the journal entry to record the impairment at December 31, 2020. (if no entry is required select "Nentry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. De not indent manually) Account Titles and Explanation Debit Credit 194 eTextbook and Media List of Accounts Assistance Used Attempts: unlimited (6) At December 31, 2021. It is estimated that the division's fair value increased to $348 million. Prepare the Journal entry to record this increase in fair value. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Debit Credit