On August 31, 2020, Southampton Co. acquired all of the common stock of Brighton Company, which became a division of Southampton Co. Brighton Company sported the following statement of financial position at the time of the acquisition Brighton Company Assets Statement of Financial Position Equity and Liabilities Share capital- ordinary Retained earnings $1.350,000 Plant assets (ne 1) Inventory Receivables Cash $1,150,000 235,000 800,000 1,070.000 Accounts payable 587.000 422.000 Total assets $2.807.000 Total equity and liabilities 52-807-000 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. For the fina