On hne 11, 2019. Majoie Co aquiral all of the oomn sck of Goblem Crmpey which became die of Mast C Culdes ed e w e of finncial pobon at the te of the puition Golden Compy Statement of Finecial Poion...

Extracted text: On hne 11, 2019. Majoie Co aquiral all of the oomn sck of Goblem Crmpey which became die of Mast C Culdes ed e w e of finncial pobon at the te of the puition Golden Compy Statement of Finecial Poion Assets Plant asses (rt) aventory Roceivables Cash Total aets 31,250,000 370,000 750,000 350.000 $2.720.000 Banuty and Laabihtes Share captal edunary Retaned earmum Accounts payable $1,015.000 1,000,000 675.000 Toal equity and liahulities $2.720.000 An apprainal ndicated that the faur value of dhe inventory was $175,000 and the fair value of the plant assets wan $1,450.000 The agreed purchase prce wa 53,000 000, sod tn amount was paid in cash to the previous owniers of Galden Company Required: a. Prepare the entry to record the purchase of Golden Company o Assume Ihat the carrying amount of Golden Company division's net assets, including goodwill is $2,800,000. The recoverable amount ot the division is estimated to bo $ 3,200,000. Propare the journal entry to record the impairment loss (If any) on December 31, 2019.