la reporting unit) of On July 31, 2020, Pharoah Company paid $2,900,000 to acquire all of the common stock of Conchita Incorporated, which became a Pharoah. Conchita reported the following balance sheet at the time Current assets $710,000 Current liabilities Noncurrent assets 2,600,000 Long-term liabilities 400,000 Total assets $3,310,000 Stockholders' equity 2.410.000 Total liabilities and stockholde $3,310.000 8 It was determined at the date of the purchase that the fair value of the identifiable net assets onchita was $2,655.000. Over the next months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future At December 31, 2020, Conchita reports the following balance sheet information Current assets Noncurrent assets (including goodwill recognized in purchasel Current liabilities Long-term liabilities Net assets $470.000 2.170.000 [600,000) 1400,000) $1,600.000 Finally, it is determined that the fair value of the Conchita Division is $1,850,000 Compute the amount of goodwill recognized, if any, on July 31, 2020. (If answer is zero, do not lewe answer field blank Enter for the amount The amount of goodwill Determine the impairment loss, if any, to be recorded on December 31, 2020. Of answer is zero, do not leave answer field blank. Enter for the amount.) The impairment loss $ Assume that fair value of the Conchita Division is 51,576,000 instead of $1,850,000. Determine the impairment loss, if any, to be recorded on December 31 2020. Of answer is zero, do not leave answer field blank. Enter for the amount The impairment loss S Prepare the journal entry to record the impairment loss, if any, and indicate where the loss would be reported in the income statement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit This loss will be reported in income as a separate line item before the subtotal