Question: In 2014, Camden Electronics purchased Raytheon Electronics, paying $2.0 million in a note payable. The market value of Raytheon Electronics' assets was $3.1 million, and

In 2014, Camden Electronics purchased Raytheon Electronics, paying $2.0 million in a note payable. The market value of Raytheon Electronics' assets was $3.1 million, and Raytheon Electronics had liabilities of $1.8 million.
Required
1. Compute the cost of the purchased by Camden Electronics.
2. Record the purchase by Camden Electronics.
3. At 2014 year end, the annual review of value indicated no impairment of . Record the entry Camden will make for for 2014.
4. At 2015 year end, the annual review of value indicated a 40-percent impairment of the Raytheon Electronics . Record the entry for the impairment for 2015.

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