Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $198,000 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Alfonso's stock had a fair value of $15 per share. The combination is a statutory merger with BelAire subsequently dissolved as a legal corporation. BelAire's assets and liabilities are assigned to a new reporting unit. The following shows fair values for the BelAire reporting unit for January 1, 2020 along with respective carrying amounts on December 31, 2021. BelAire Reporting Unit Cash Receivables Inventory Patents Customer relationships Equipment (net) Goodwill Accounts payable Long-term liabilities Fair Values 1/1/20 S 65,000 203,000 275,000 531,000 580,000 215,000 ? (111,000 (460,000 ) ) Carrying Amounts 12/31/21 $ 40,000 235,000 250,000 550,000 450,000 335,000 400,000 (275,000 (425,000 ) ) Prepare Alfonso's journal entry to record the assets acquired and the liabilities assumed in the BelAire merger on January 1, 2020. Note: Enter cash paid and cash received as two separate amounts. On December 31, 2021, Alfonso opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire BelAire reporting unit is $1,325,000. What amount of goodwill impairment, if any, should Alfonso recognize on its 2021 income statement?

Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $470,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $5,000 per year.   Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $370,000. Scenic reported net income of $180,000. Placid Lake declared $170,000 in dividends during this period; Scenic paid $47,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows:     Placid Lake Scenic Inventory $ 210,000   $ 97,000   Land   670,000     270,000   Equipment (net)   470,000     370,000       During 2020, intra-entity sales of $110,000 (original cost of $56,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $160,000 in intra-entity sales were made…

Parson Company acquired an 80 percent interest in Syber Company on January 1, 2020. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared. The individual financial statements for the two companies as well as consolidated totals for 2021 follow (credit balances indicated by parentheses):

The Holtz Corporation acquired 80 percent of the 100,000 outstanding voting shares of Devine, Incorporated, for $6.40 per share on January 1, 2023. The remaining 20 percent of Devine's shares also traded actively at $6.40 per share before and after Holtz's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Devine's underlying accounts except that a building with a 5-year future life was undervalued by $62,000 and a fully amortized trademark with an estimated 10-year remaining life had a $67,000 fair value. At the acquisition date, Devine reported common stock of $100,000 and a retained earnings balance of $260,000. Following are the separate financial statements for the year ending December 31, 2024: Holtz Corporation $ (787,000) 282,000 346,000 (16,000) Accounts Sales Cost of goods sold Operating expenses Dividend income Net income $ (175,000) Retained earnings, 1/1/24 $ (727,000) Net income (above) Dividends declared…