Roads Construction & Paving expanded its business by purchasing Alcott Maintenance, a division that provides road maintenance services. The division was purchased three years ago for $3,200,000 and has been identified as a reporting unit. The net assets for the division including goodwill are as follows: Cash $250,000 Accounts Receivables 300,000 Inventory 825,000 Property, Plant & Equipment 950,000 Goodwill 1,250,000 Accounts Payable (125,000 ) Unearned Revenue (75,000) Net assets, at carrying amounts $3,375,000 The fair value of the Alcott Maintenance Division reporting unit as a whole is estimated to be $3,100,000. Management determines that the unit's value in use is $3,200,000. Prepare any appropriate Journal entries for goodwill impairment assuming that Road Construction & Paving is reporting under ASPE. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Roads Construction & Paving expanded Its business by purchasing Alcott Maintenance, a division that provides road maintenance services. The division was purchased three years ago for $3,200,000 and has been identified as a reporting unit. The net assets for the division including goodwill are as follows: Cash $250,000 Accounts Receivables 300,000 Inventory 825,000 Property, Plant & Equipment 950,000 Goodwill 1,250,000 Accounts Payable (125,000) Uneamed Revenue (75,000 ) Net assets, at carrying amounts $3,375,000 The fair value of the Alcott Maintenance Division reporting unit as a whole is estimated to be $3,600,000. Management determines that the unit's value in use is $3,700,000. Prepare any appropriate foumal entries for goodwill Impalment assuming that Road Construction & Paving is reporting under ASPE. (I no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.). Account Titles and Explanation Debit Credit