Copy of HAMAD TOWN Co

Copy of HAMAD TOWN Co. agreed and paid cash of $1,800,000 to purchase ZALLAQ Co, which has the following statement of financial position as of December 31, 2019: ZALLAQ CO Statement of Financial Position Assets Eaulty and Liabilities Buildings $525,000 Share Capita-Ordinary $345,000 Machines (net) 150,000 Retained Earnings 675,000 Inventory 241,500 Accounts Payable 399,000 Accounts Receivables 345,000 157,500 $1,419,000 Total $1,419,000 Cash Total The two companies agreed on the following fair values for: Buildings is $630,000, Inventory is $255,000; and Machines (net) is $157,500. Also they agreed that no change on all other assets and liabilities.
The two companies agreed on the following fair values for: Buildings is $630,000; Inventory is $255,000; and Machines (net) is $157,500. Also they agreed that no change on all other assets and liabilities Required: (1) Prepare the journal entry for HAMAD TOWN Co. to record the acquisition of ZALLAQ CO. (2) On 31 Dec. 2020, suppose that the carrying amount of net assets (including goodwil) Is $1,545,000 and the recoverable amount is $1,470,000. Determin and record the impairment loss (if any), if no imparment, write "No Entry". For the toolbar, press ALT+F10 (PC) OR ALT-FN-F10 (Mac) BI VS Paragraph Arial 14px E E AL I. XO O Q