a previous year, ABC Company acquired Bison Inc. and operated it as a separate division of its company. As of December 31, 2020, the Bison Division had e following balance sheet amounts: Accounts Receivable Inventory Building Equipment Patent Good will Accounts Payable Long-term notes payable 156,250 270,000 2.225,000 390,000 18.750 400,000 (700,000) (400,000) ABC Company estimated the fair value of Bison Division to be $2 2 million. Determine whether goodwill is impaired and record the impairment journal entry needed A Goodwill is impaired and an impairment loss of $1,260.000 must be recognized B. Goodwill is not impaired. No journal entry is needed. OC. Goodwill is not impaired. A journal entry to increase goodwill to the fair value should be recorded D. Goodwill is impaired and an impairment loss of $160,000 must be recognized