2. Leon Corp. purchased Spinks Co. 4 years ago and at that time recorded goodwill of $480,000. The Sinks Division's net assets, including goodwill, have a carrying amount of $1,150,000. The fair value of the division is estimated to be \$1 non inn II Expain wnetner or not Leon corp. must prepare an entry to record impairmen of the goodwill. Include the entry, if necessary. 3. Indicate how items on the list below would generally be reported in the financial statements