On August 31, 2020, Southampton Co acquired all of the common stock of Brighteo Company, which became a division of Southampton Co. Brighton Company reported the following statement of financial position at the tice of the acquisition Brighton Company State of Financial Position Equity.Lisblan Share capital ondory $1,250,000 $1,050,000 Plast assets (ne 16 Inventory Receivables Cash Retained esin 235,000 750,000 Accots payable $70,000 $35.000 300.000 Total assets $2.125.000 Total quity and abiliti 52.325,000 the plant assets was $1,450,000. The agreed purchase price was $2,700,000, and this amount was paid in cash to the An appraisal indicated that the fair value of the inventory was $067,000 and the fair previous owners of Brighton Company Required. Prepare the entry to record the pandase of Brighton Company b. Assume that the carrying out of Brighton Company devision's net assets, including goodwill is $2.900.000. The recoverable amount of the division is estimated to be $2.500,000. Prepare the joomal entry to record the impairment loss (If any) on December 31, 2020