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PROBLEM FOUR: 20 points On January 1, 2017, Birdie Company purchased the LadyBird Division of AnaSanta Corporation by paying $100,000 In cash and issuing a $100,000 short-term note payable. Presented below is condensed balance sheet of LadyBird Division of AnaSanta Corporation on December 31, 2018. LadyBird Division Net Assets As of December 31, 2018 Accounts Receivable $22,000 Inventory 28,000 Equipment (net) 30,000 Land 100,000 Accounts Payable (25,000) Shareholders' Equity 155,000 (a) Prepare the January 1, 2018 journal entry to record the purchase of LadyBird Division. Assume the book values shown all approximate current fair values except for accounts receivable (fair value of $20,000), and Inventory (fair value of $30,000). You may abbreviate the Debit to Dr. in your answer as in the following example: Dr. Supplies $500; Dr. Insurance $2,000; Cr Common stock $2,500 etc...) 1 (b) Assume that three years after the purchase of LadyBird Division, the following net asset information related to that business is as shown below: Lady Bird Division Net Assets As of December 31, 2020 Accounts Receivable $10,000 Inventory 40,000 Equipment (net) 20,000 Land 100,000 Goodwill 30,000 Accounts Payable (20,000) Net Assets 180,000 A recent business valuation of this division yielded a fair market value of $170,000. The carrying values above approximate fair values. Prepare the journal entry to record the impairment of goodwill (if any) at December 31. 2018