Goodwill (1) in late July 2020, Bramble Ltd., a private company, pald $1.9 million to acquire all of the net assets of Shefheld Corp., which then became a division of Bramble. Sheffield reported the following statement of financial position at the time of acquisition: Current liabilities Current assets $415,000 1,335,000 $300,000 265,000 Non-current assets Long-term liabilities Shareholders' equity 1.185.000 $1,750,000 $1.750,000 it was determined at the date of the purchase that the fair value of the identifiable net assets of Sheffield was $1.6 million. Over the next six months of operations, the new division had operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, the fair value of the Sheffield Division is $1,850,000, and the division reports the following statement of financial position information: $464.000 2,400,000 Guccent.assets Non-current assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities Net assets -703.000 _526.000 $1.635.000 Assume that Bramble Ltd. prepares financial statements in accordance with ASPE. Instructions ) Calculate the amount of goodwill, if any, that should be recognized in late July 2020. (2 marks) ) Assume that the fair value of the Sheffield Division on December 31, 2020, is $1.3 million. Determine the loss on impairment, if any, t- would be reconizert 12. marks Goodwill (V1) New Non-current assets michuding gown recognized in purchase) 13 Current liabilities 14 Long-term liabilities 5 Net assets -703.000 26,000 $1.635.000 Assume that Bramble Ltd. prepares financial statements in accordance with ASPE. Instructions a) Calculate the amount of goodwill, if any, that should be recognized in late July 2020. (2 marks) b) Assume that the fair value of the Sheffield Division on December 31, 2020, is $1.3 million. Determine the loss on Impairment, if any, that would be recognized. (2 marks) c) Prepare the journal entry to record the loss on impairment, if any. (2 marks)