26 4 pts On May 31, 2015, Armstrong Company paid $3,500,000 cash to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the following balance sheet at the time of the acquisition: Current Assets Non-Current Assets Current Liabilities Long-term Liabilities $ 900,000 2,700,000 600,000 500,000 At the time of the acquisition, Armstrong identified an unrecorded patent that Hall had developed with an approximate fair value of $100,000. The recorded amount for Hall's remaining net assets is the same as fair value, except for property. plant, and equipment, which has a fair value of $250,000 above the carrying value and Inventory which has a fair value of $50,000 below the carrying value. At December 31, 2015, the Hall division reports the following balance sheet information (not including any goodwill reported at the time of the acquisition): Current assets Noncurrent assets $ 800,000 2,500,000 plant, and equipment, which has a fair value of $250,000 above the carrying value and Inventory which has a fair value of $50,000 below the carrying value. At December 31, 2015, the Hall division reports the following balance sheet information (not including any goodwill reported at the time of the acquisition): Current assets Noncurrent assets Current liabilities $ 800,000 2,500,000 Long-term liabilities 700,000 500,000 It is determined that the fair value of the Hall division is $2,200,000. The recorded amount for Hall's net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value of $50,000 above the carrying value. What (if any) is the impairment loss that Armstrong will record on 12/31/2015? Edit View Insert Format Tools Table 12pt v Paragraph BIU A T