In late July 2020, Concord Ltd., a private company, paid $2.2 million to acquire all of the net assets of Riverbed Corp., which then became a division of Concord. Riverbed reported the following statement of financial position at the time of acquisition: Current assets Non-current assets $415,000 1,335,000 Current liabilities Long-term liabilities Shareholders equity $300,000 265,000 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 Riverbed 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 Riverbed Division is $1,835,000, and the division reports the following statement of financial position information: Current assets Non-current assets (including goodwill recognized in purchase) $463,000 2,400,000 Current liabilities Long-term liabilities Net assets -701,000 529.000 $1.633.000 Assume that Concord 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 Riverbed Division on December 31, 2020, is $1.3 million. Determine the loss on impairment, if any, c) Prepare the journal entry to record the loss on impairment, if any. (2 marks)