The following shows fair values for the BelAire reporting unit for January 1, 2020 along with respective carrying amounts on December 31, 2021. $ BelAire Reporting Unit Cash Receivables Inventory Patents Customer relationships Equipment (net) Goodwill Accounts payable Long-term liabilities Fair Values 1/1/20 $ 99,500 196,000 215,000 731,000 617,250 322,500 ? (176,000) (614,500) Carrying Amounts 12/31/21 $ 51,500 246,500 261,500 840, 500 590,000 241,000 436,000 (256,000) (518,000) Note: Parentheses indicate a credit balance. a. Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. b. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,735,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Complete this question by entering your answers in the tabs below. Required A Required B Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Show the amount of cash received and paid as two separate amounts.) View transaction list Journal entry worksheet 1 > Record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2020 Record entry Clear entry View general journal a. Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. b. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,735,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Complete this question by entering your answers in the tabs below. Required A Required B On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,735,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Goodwill impairment loss Record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2020 Record entry Clear entry View general journal a. Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. b. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,735,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Complete this question by entering your answers in the tabs below. Required A Required B On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,735,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement? Goodwill impairment loss
