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Presented below is net asset information related to the Larkspur Division of Horton, Inc Larkspur Division Net Assets As of December 31, 2020 (in millions)
Presented below is net asset information related to the Larkspur Division of Horton, Inc Larkspur Division Net Assets As of December 31, 2020 (in millions) $50 151 2,070 Cash Receivable Property, plant and equipment (net) Goodwill Less: Notes payable Net assets 160 12.143) $288 The purpose of the Larkspur Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling 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 $321 milion Management has also received an offer to sell the division for $286 million. The book values and fair values are equalforall Identifiable assets and liabilities (a) Prepare the journal entry to record the impairmentat December 31, 2020. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are outomatically indented when amount is entered. Do not Indent manually
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