Chapter 3 Homework i Saved Help Save & Exit Submit Check my work 9 Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $443,250 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Alfonso's stock had a fair value of $15 per share. The combination is a statutory merger with BelAire subsequently dissolved as a legal 10 corporation. BelAire's assets and liabilities are assigned to a new reporting unit. points The following shows fair values for the BelAire reporting unit for January 1, 2020 along with respective carrying amounts on December 31, 2021. eBook Fair Values Carrying Amounts Print BelAire Reporting Unit 1/1/20 12/31/21 $ 87, 500 $ oos' Lt References Cash Receivables 202, 250 242, 500 Inventory 226, 000 257, 500 Patents 526, 500 621, 500 Customer relationships 636, 000 604, 000 Equipment (net) 382, 500 316 , 000 Goodwill 570,000 Accounts payable (eee'9+I) (090'827) Long-term liabilities (541, 500) (456, 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. h On December 21 2021 Alfones ante to foran any andwill impairment qualitative accocement and actimator that the Mc Graw HillChapter 3 Homework 0 Saved Help Save at Exit Submit Check my work had a fair value of $15 per share. The combination is a statutory merger with BelAire subsequently dissolved as a legal - corporation. BeIAire's assets and liabilities are assigned to a new reporting unit. The following shows fair values for the BeIAire reporting unit for January 1, 2020 along with respective carrying amounts on December 31, 2021, 10 pomts Fair Values Carrying Amounts BelAire Reporting Unit 1/1/26 12/31/21 Cash 5 37,599 $ 47,599 eBook Receivables 262,256 242,566 Inventory 225,999 257,599 Print Patents 526,566 621,566 Customer relationships 636,666 664,666 References Equipment (net) 332,599 316,666 Goodwill .3 576,666 Accounts payable (146,666) (228,666) Longterm liabilities (541,566) (456,666) 1 Note: Parentheses indicate a credit balance. .3. Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BeIAire 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 $1,695,000. What amount of goodwill impairment. if any. should Alfonso recognize on its 2021 income statement? MC Graw H