On August 31, 2020, Southampton Co., acquired all of the common stock of Brighton Company, which became a division of Southampton Co. Brighton Company reported the following statement of financial position at the time of the acquisition: Brighton Company Aseta Statement of Financial Position Equity and Liabilities Share capital- ordinary Plant assets (ne 1) $1,350,000 $1,150,000 235,000 Retained earnings 1,070,000 Inventory Receivables 800,000 Accounts payable $87.000 Cash 422.000 Total assets $2.807.000 Total equity and liabilities $2.807.000 An appraisal indicated that the fair value of the inventory was $372.000 and the fair value of the plant assets was $1,550,000. The agreed purchase price was $3,600,000, and this amount was paid in cash to the 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 $2,550,000. The recoverable amount of the division is estimated to be $3,000,000 Prepare the journal entry to record the impairment loss (If any) on December 31, 2020