On August 31, 2000, Southampton Co quired all of the common stock of Beige Copy which head of Songs Co. Big Company s position at the time of the acquisition Bright Cpany of P And Liabilitie Pleat ass (ne) D $1,250,000 $10.000 Inventory Receivables Cash Total ass 213.000 50000 100.000 $2.595.000 970.000 As payable 275.000 liabilities 12.191.000 g of facial An appraisal indicated that the fair value of the inventory was $467,000 and the fair value of the plant assets was $1,450,000. The agreed purchase price was $2,700.000, and this out was paid in previous owners of Brighton Company Required: a. Prepare the entry to record the purchase of Brighton Company b. Assume that the carrying amount of Brighton Company division's net assets, including goodwill is $2,900,000. The recoverable amount of the division is estimated to be $ 2.500.000 entry to record the impairment loss (If any) on December 31, 2020