Stockholders of Ayayai Company, Whispering Winds Company, and Swifty Company are considering alternative arrangements for a business combination, Balance sheets and the fair values of each company's assets on October 1, 2024, were as follows: Whispering Winds $7,542,300 $2.183.540 1,794,900 604.380 Assets Liabilities Common stock, $20 par value Other contributed capital Retained earnings (deficit) Total equities Fair values of assets Year 2055 Whispering Winds Swifty Ayayal $3,912.550 $2.017.880 2,003,200 -0- (108,530) $3,912.550 $4,184,730 Ayayal Company shares have a fair value of $52. A fair (market) price is not available for shares of the other companies because they are closely held. Fair values of liabilities equal book values. AYAYAI COMPANY Balance Sheet October 1, 2024 Prepare a balance sheet for the business combination, Assume the following Arayai Company acquires all the assets and assumes all the liabilities of Whispering Winds and Swifty Companies by issuing in exchange 139.300 shares of its common stock to Whispering Winds Company and 39.740 shares of its common stock to Swifty Company (List assets in order of liquidity Enter negative account balance with negative sign preceding the number eg.-5.125 or parentheses eg (5,1251) Assets Liabilities and Stockholders' Equity Present Value of Future Cash Flows $6.487,000 $1,908,620 Account Titles and Explanation Corrying Value of Identifiable Net Assets 2,959,480 $7,542.300 $9,034,300 $6,337,470 $1.209,430 Swifty $946,340 $260,830 Debit 541,100 191.520 Fair Value Identifiable Net Assets $6.347470 $1,009,430 (47,110) $946,340 $1.292,080 Identifiable Net Assets do not include goodwill. Prepare the journal entry, if needed to record goodwill impairment at December 31, 2025. Use FASB's simplified approach to test for goodwill impairment (assume that the qualitative test is satisfied or bypassed). (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) Credit SUP SUPPOR