On August 31, 2020. Southampton Co. acquired all of the common stock of Brighton Company, which became a division of Southampton Co. Inghton Company repor the following statement of financial position at the time of the acquisition Asseb Brighton Company Statement of Financial Position Equity and Liabilities Plant assets (ne 1) Share capital- $1,250,000 $1,050,000 ordinary Inventory Receivables Cash 235,000 750,000 360,000 Retained earnings Accounts payable 970,000 $75.000 Total assets $2.595,000 Total equity and liabilities $2.595.000 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 amount was paid in cash to the previous owners of Brighton Company. Required: Prepare the entry to record the purchase of Brighton Company. D. 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 estment to be $ 2.500.000. Prepare the journal entry to record the impairment loss (If any) on December 31, 2020