CALCULATOR PRINTER VERSION 1 BACK N Exercise 12-14 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 $63 Accounts receivable 212 Property, plant, and equipment (net) 2,607 Goodwill 213 Less: Notes payable (2,602) Net assets $493 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 $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. Prepare the journal entry to record the impairment at December 31, 2020. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS At December 31, 2021, it is estimated that the division's fair value increased to $349 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work SHOW UST OF ACCOUNTS UNK TO TEXT LINK TO TEXT