Question: could someone please help with the breakdown? On July 31, 2020, Pharoah Company paid $2,900,000 to acquire all of the common stock of Conchita Incorporated,

could someone please help with the breakdown?

$Company paid \$2,900,000 to acquire all of the common stock of Conchita$

Incorporated, which became a division (a reporting unit) of Pharoah. Conchita reported

the following balance sheet at the time of the acquisition. It was

determined at the date of the purchase that the fair value of

the identinable net assets of Conchita was $2,655,000. Over the next 6

On July 31, 2020, Pharoah Company paid \$2,900,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Pharoah. Conchita reported the following balance sheet at the time of the acquisition. It was determined at the date of the purchase that the fair value of the identinable net assets of Conchita was $2,655,000. Over the next 6 months of operations, the newly purchased dlwiston experienced operating iosses, In addition, it now appears that it will gnerate substantial losses for the foreseeable future. At December 31,2020 , Conchita reports the following balance sheet information. It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,655,000,0 ver the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31,2020 , Conchita reports the following balance sheet information. Finaly, it k determined that the fair value of the Conchita Division is $1,850,000. (a) Compute the amount of goodwill recognized, if any, on July 31, 2020, (if anwer is zero, do not leave answer field blank. Enter Ofor the amount) The amount of goodwill $ eTextbook and Media List of Accounts Attempts: 0 of 5 used Determine the impairment loss, if any, to be recorded on December 31; 2020. (If answer is zero, do not leave answer field blank. Enter Ofor the amount.) The impairment loss $ List af Accounts Attempts: 0 of 5 used Assume that fait value of the Conchita Divistowis $1.576.000 instead of $1.850.000. Defermine the unpairment lows if ary, to be tecorded on Decembier 312020 , (If answer is zaro, do not leave enswer feeld blanic Enter O for the amount) Assume that fair value of the Conchita Division is $1,576.000 instead of $1,850.000. Determine the impairment loss, if any, to be recorded on December 31. 2020, (If answer is zero, do not leave an wer field blank. Enter Ofor the amount.) The impairment loss $ List af Accounts Attempts: 0 or 5 used Prepare the joumal entry to record the impairment loss, If amy, and indicate where the loss would be reported in the income statement. (Credit occount tites are outomatically indented when amount is entered, Do not indent manualiy if no entry is required, select "No Entry" for the account titles and enter o for the amounts.) This loss will he reported in income as a separate line iteen befoee the subtotat

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