Amning Time: 1 hour, 29 minutes, 30 seconds Don Camp Stative A. 12 points Save rower O e 11, 3028, Majestic Ce acquired all of the common stock of Golden Company, which became a division of Majestic Co. Golden reported the following statement fline at the live of the acquisition Golden Company Statement of Financial Position Auth Leah and Liabilitig Par ses phet) $1,950.000 Ahare capital ordinary $950,000 Receivable Totalt 375,000 AML000 230.000 Retained earnings 900,000 Accesats payable 475,000 12.355 Total equity and liabilities $2-325.000 As appraisal edicated that the fur valer of the inventory was $355,000 and the fair value of the plant assets was $1.350,000. The agreed purchase price was $2,500,000. and that was paid in cash to the pervious owners of Golden Company Beauired Pipe de entry to record the purchase of Golden Company b. Assume that the carrying amount of Golden Company division's net assets, including goodwill is $2,700,000. The recoverable amount of the division s estimated to be $2,600.000. Prepare the journal entry to record the impairment loss (if any) on December 31, 2019.