$4$ a$.$ How was the $$132,200$ Equity in Income of Small balance computed?

b$.$ Determine the totals to be reported by this business combination for the year ending December $31,2024.$

c$.$ Prepare a consolidation worksheet for Glant and Small for the year ending December $31,2024.$

d$.$ If Glant determined that the entire amount of goodwill from Its investment in Small was impalred in $2024,$ what journal entry would

Glant make to record such impalrment?

Complete this question by entering your answers in the tabs below.

Required A

How was the $$132,200$ Equity in Income of Small balance computed? Required:

a$.$ How was the $$132,200$ Equity in Income of Small balance computed?

b$.$ Determine the totals to be reported by this business combination for the year ending December $31,2024.$

c$.$ Prepare a consolidation worksheet for Glant and Small for the year ending December $31,2024.$

d$.$ If Glant determined that the entire amount of goodwill from its investment in Small was Impalred in $2024,$ what journal entry would

Glant make to record such impalrment?

Complete this question by entering your answers in the tabs below.

Determine the totals to be reported by this business combination for the year ending December $31,2024.$

Note: Input all amounts as positive values.Complete this question by entering your answers in the tabs below.

$.$

If Giant determined that the entire amount of goodwill from its investment in Small was impaired in $2024,$ what journal entry would

Giant make to record such impairment?

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the loss on impairment of goodwill.

Note: Enter debits before credits.

points

Glant acquired all of Small's common stock on January $1,2020,$ In exchange for cash of $$770,000.$ On that day, Small reported common stock of $$170,000$ and retained earnings of $$400,000.$ At the acquisition date, $$37,500$ of the falr$-$value price was attributed to undervalued land while $$98,000$ was assigned to undervalued equipment having a $10-$year remaining life. The $$64,500$ unallocated portion of the acquisition$-$date excess falr value over book value was viewed as goodwill. Over the next few years, Glant applied the equity method to the recording of this investment.

The following are Individual financial statements for the year ending December $31,2024.$ On that date, Small owes Glant $$12,800.$ Small declared and paid dividends in the same perlod. Credits are indicated by parentheses.

$\backslash$table$[[$Accounts$,$Giant,Smal$1],[$Revenues$,$$$(1,298,800),$$$(46\backslash$theta $,\backslash$theta $\backslash$theta $)],[$Cost of goods sold,$610,\backslash$theta $\backslash$Theta $,115,],[$Depreciation expense,$190,00,203,000],[$Equity in income of Small,$(132,200),\backslash$theta $],[$Net income,$$(631,000),$$$(142,000)],[$Retained earnings, $1/1/24,$$$(1,2\backslash$theta $\backslash$theta $,\backslash$theta $\backslash$theta $\backslash$theta $),$$$(688,\backslash$theta $\backslash$theta $)],[$Net income $($above$),(631,000),(142,\backslash$theta $0)],[$Dividends declared,$290,00,12\backslash$theta $,\backslash$theta $\backslash$Theta $],[$Retained earnings, $12/31/24,$$$(1,541,90\backslash$theta $),$$$(710,00\backslash$theta $)],[$Current assets,$$181,00\backslash$theta $,$$$216,000],[$Investment in Small,$1,031,000,\backslash$theta $],[$Land$,490,\backslash$theta $\backslash$Theta $,231,\backslash$theta $\backslash$Theta $],[$Buildings $($net$),396,$ e$$e$,435,,0],[$Equipment $($net$),580,$ e$$e$,384,,],[$Goodwill$,\backslash$theta $,\backslash$theta $],[$Total assets,$$2,678,000,$$$1,266,000],[$Liabilities$,$$$(887,00),$$$(386,\backslash$theta $\backslash$theta $)],[$Common stock,$(250,000),(170,000)],[$Retained earnings $($above$),(1,541,900),(710,\backslash$theta $00)],[$Total liabilities and equities,$$(2,678,\backslash$theta $\backslash$theta $),$$$(1,266,\backslash$theta $)]]$

Required:

a$.$ How was the $$132,200$ Equity in Income of Small balance computed?

b$.$ Determine the totals to be reported by this business combination for the year ending December $31,2024.$

c$.$ Prepare a consolidation worksheet for Glant and Small for the year ending December $31,2024.$

d$.$ If Glant determined that the entire amount of goodwill from its investment in Small was impalred in $2024,$ what journal entry would Glant make to record such Impalment?

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