Arcadia, Incorporated, acquired 100 percent of the voting shares of Bruno Company on January 1, 2023. In exchange, Arcadia pald $241,000 in cash and Issued 100,000 shares of its own $1 par value common stock. On this date, Arcadia's stock had a fair value of $15 per share. The combination is a statutory merger with Bruno subsequently dissolved as a legal corporation. Bruno's assets and liabilities are assigned to a new reporting unit. The following shows fair values for the Bruno reporting unit for January 1, 2023, along with respective carrying amounts on December 31, 2024. Bruno Reporting Unit Cash Receivables Inventory Patents Royalty agreements Equipment (net) Goodwill Accounts payable Long-term liabilities Fair Values 1/1/23 $ 74,000 Carrying Amounts 12/31/24 $ 43,000 203,250 238,000 205,500 253,000 583,500 670,000 660,750 630,000 374,500 308,000 ? 416,000 (136,000) (640,500) (198,000) (558,000) Note: Parentheses indicate a credit balance. Required: a. Prepare Arcadia's journal entry to record the assets acquired and the liabilities assumed in the Bruno merger on January 1, 2023. b. On December 31, 2024, Arcadia opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire Bruno reporting unit is $1,650,000. What amount of goodwill Impairment, if any, should Arcadia recognize on its 2024 Income statement? Complete this question by entering your answers in the tabs below. Required A Required B Prepare Arcadia's journal entry to record the assets acquired and the liabilities assumed in the Bruno merger on January 1, 2023. Note: Enter cash paid and cash received as two separate amounts. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Record the assets acquired and the liabilities assumed in the Bruno merger on January 1, 2023.

Arcadia, Incorporated, acquired 100 percent of the voting shares of Bruno Company on January 1, 2023. In exchange, Arca $461,000 in cash and issued 100,000 shares of its own $1 par value common stock. On this date, Arcadia's stock had a fair per share. The combination is a statutory merger with Bruno subsequently dissolved as a legal corporation. Bruno's assets liabilities are assigned to a new reporting unit. The following shows fair values for the Bruno reporting unit for January 1, 2023, along with respective carrying amounts or 31, 2024. Bruno Reporting Unit Cash Receivables Inventory Patents Royalty agreements. Equipment (net) Goodwill Accounts payable Long-term liabilities Note: Parentheses indicate a credit balance. Fair Values 1/1/23 $ 89,000 189,750 218,750 776,500 586,000 355,000 ? (114,500) (591,500) Required: a. Calculate the goodwill recognized in the combination. Carrying Amounts $ 48,000 243,000 12/31/24 258,000 860,000 546,000 269,000 452,000 (184,000) (518,000)

Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $326,750 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 Fair Values1/1/20 Carrying Amounts12/31/21 Cash $ 99,500   $ 51,500   Receivables   196,000     246,500   Inventory   215,000     261,500   Patents   731,000     840,500   Customer relationships   617,250     590,000   Equipment (net)   322,500     241,000   Goodwill   ?     436,000   Accounts payable   (176,000 )   (256,000 ) Long-term liabilities   (614,500 )…

Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $263,500 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 Note: Parentheses indicate credit balance. Fair Values 1/1/20 68,000 182,500 219,000 $ 371,500 603,500 404,500 ? (123,500) (524,000) Carrying Amounts $ 12/31/21 41,000 236,000 251,000 467,000 574,000 339,000 562,000 (188,000) (452,000) a. Prepare Alfonso's journal entry to…

Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $461,000 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. TT Fair Values 1/1/20 $ Carrying Amounts BelAire Reporting Unit Cash 12/31/21 $ 89,000 189,750 218,750 776, 500 586,000 355,000 48,000 243,000 258,000 860,000 546,000 269,000 452,000 (184,000) (518,000) Receivables Inventory Patents Customer relationships Equipment (net) Goodwill Accounts payable Long-term liabilities (114,500) (591,500) Note: Parentheses indicate a credit balance. a. Prepare Alfonso's journal entry…

Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $450,000 in cash and issued 104,000 shares of its own $1 par value common stock. On this date, Francisco’s stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltran’s assets and liabilities are assigned to a new reporting unit.The following reports the fair values for the Beltran reporting unit for January 1, 2017, and December 31, 2018, along with their respective book values on December 31, 2018.a. Prepare Francisco’s journal entry to record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017.b. On December 31, 2018, Francisco opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire Beltran reporting unit is $1,425,000. What amount of goodwill impairment, if any, should Francisco…

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Allison Corporation acquired all of the outstanding voting stock of Mathias, Incorporated, on January 1, 2023, in exchange for $5,936,500 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends. At the acquisition date, Mathias's stockholders' equity was $2,015,000 including retained earnings of $1,515,000. At the acquisition date, Allison prepared the following fair-value allocation schedule for its newly acquired subsidiary: Consideration transferred Mathias stockholders' equity Excess fair over book value to unpatented technology (8-year remaining life) $ 5,936,500 2,015,000 $ 3,921,500 to patents (10-year remaining life) to increase long-term debt (undervalued, 5-year remaining life) Goodwill $ 824,000 2,530,000 (115,000) 3,239,000 $ 682,500 Postacquisition, Allison employs the equity method to account for its investment in Mathias. During the two years following the business combination, Mathias reports the…

Allison Corporation acquired all of the outstanding voting stock of Mathias, Incorporated, on January 1, 2023, in exchange for $6,203,000 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends. At the acquisition date, Mathias’s stockholders’ equity was $2,080,000 including retained earnings of $1,580,000. At the acquisition date, Allison prepared the following fair-value allocation schedule for its newly acquired subsidiary: Consideration transferred         $ 6,203,000Mathias stockholders' equity         2,080,000Excess fair over book value         $ 4,123,000to unpatented technology (8-year remaining life)    $ 928,000     to patents (10-year remaining life)    2,660,000     to increase long-term debt (undervalued, 5-year remaining life)    (180,000)    3,408,000Goodwill         $ 715,000Postacquisition, Allison employs the equity method to account for its investment in Mathias. During the two years following the…

Allison Corporation acquired all of the outstanding voting stock of Mathias, Incorporated, on January 1, 2023, in exchange for $6,059,500 in cash. Allison intends to maintain Mathias as a wholly owned subsidiary. Both companies have December 31 fiscal year-ends. At the acquisition date, Mathias’s stockholders’ equity was $2,045,000 including retained earnings of $1,545,000. At the acquisition date, Allison prepared the following fair-value allocation schedule for its newly acquired subsidiary: Consideration transferred   $ 6,059,500 Mathias stockholders' equity   2,045,000 Excess fair over book value   $ 4,014,500 to unpatented technology (8-year remaining life) $ 872,000   to patents (10-year remaining life) 2,590,000   to increase long-term debt (undervalued, 5-year remaining life) (145,000) 3,317,000 Goodwill   $ 697,500 Postacquisition, Allison employs the equity method to account for its investment in Mathias. During the two years following the business…