Exercise 12-14 (Part Level Submission) Presented below is net asset information related to the Larkspur Division of Santana, Inc. LARKSPUR DIVISION NET ASSETS AS OF DECEMBER 31, 2017 (IN MILLIONS) Cash $63 Accounts receivable 212 Property, plant, and equipment (net) 2,607 Goodwill 213 Less: Notes payable (2,602) $493 Net assets f successful, traveling delays associated with refuel ing could be substantially reduced. Many other benefits would also appropriate. Management estimated its future net cash flows from the project to be The purpose of the Larkspur Division is to develop a nuclear-powered aircraft. occur. To date, management has not had much success and is deciding whether a write-down at this time $410 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) 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit