Question 10 Presented below is net asset information related to the Larkspur Division of Santana, Inc. LARKSPUR DIVISION NET ASSETS AS OF DECEMBER 31,2017 IN MILLIONS) Cash Accounts receivable Property, plant, and equipment (net Goodwill Less: Notes payable Net assets $52 201 2,596 202 (2591 $460 The purpose of the Larkspur Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had muclh success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be $415 million. Management has also received an offer to purchase the division for $ 330 million. All identifiable assets' and liabilities' book and fair value amounts are the same. Prepare the journal entry to record the impairment at December 31, 2017. (Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Loss on Impairment Goodwill List of Accounts At December 31, 2018, it is estimated that the division's fair value increased to $344 million. Prepare the journal entry to record this increase in fair value. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit