Exercise 12-14 (Part Level Submission) Presented below is net asset information related to the Metlock Division of Santana, Inc. METLOCK DIVISION NET ASSETS AS OF DECEMBER 31, 2017 (IN MILLIONS) Cash $54 Accounts receivable 203 Property, plant, and equipment (net) 2,598 Goodwill 204 Less: Notes payable (2,593) $466 Net assets of the Metlock Division The pur e would also occur To dat sto develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. y riate. Management esti othe ent has not had much success and is deciding whether a write-down at this tin ed its future net cash flows from the project to be $425 million. Management has also received an offer to purchase the division for $335 million. All identifiable assets' and liabilities' book and fair value amounts are the same. (a) Your answer is correct. Prepare the journal entry to record the impairment at December 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) for the Account Titles and Explanation Credit Debit Loss on Impairment 131 Goodwill 131 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO Attempts: 1 of used (b) At December 31, 2018, it is estimated that the division's fair value increased to $346 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