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Moving to another question will save the respons 1012 Question 10 45 points On June 31. 2019, Majestic Co acquired all of the common stock of Golden Company, which became a division of Majestic Co. Golden rected the following of financial position at the time of the acquisition Golden Company Statement of Financial Position Asset Equity and Liabilities Plant assets (net $1.050.000 Share capital ordinary $950.000 Inventory 375,000 Retained earnings 900.000 Receivables 650,000 Accounts payable 475.000 Cash 250.000 Total assets $2.325.000 Total equity and liabilities $2.125.000 Art appraisal indicated that the fair value of the inventory was S355,000 and the fair value of the plant assets was $1,350,000. The agreed purchase price was hp 4 TO 11 Invey Necer C Tiwala 35 650,000 000 12 Healarning Apayable Tocal uity and liabities 900.000 4752000 $225,000 Anayasal indicated that the fir value of the inventory was 5355.000 and the fair value of the planeta wa 51.350.000. The red case 12.500 and the announ is paid in cash to the previous owners of Golden Company Required: Prepare the entry to record the purchase or Golden Company b. Assume that the carrying amount of Golden Company division's net assets, including goodwill is $2.700,000. The recoverable amount of the division is estimated to be $ 2.600.000. Prepare the journal entry to record the impairment loss (if any) on December 31, 2019 For the toolbar pre ALT FID (PC) or ALTEN.FTO iMac BIVS Paragraph Arial Topt A T. OWIRDS POWED W hp