On January 1, 20X1, Porta Corporation purchased Swick Companys net assets and assigned goodwill of $80,000 to Reporting Division K. The following assets and liabilities are assigned to Reporting Division K on the acquisition date: Carrying Amount Fair Value 12/31/20X3 Cash $ 14,000 $ 14,000 Inventory 56,000 71,000 Equipment 170,000 190,000 Goodwill 80,000 Accounts Payable 30,000 30,000 Required: On December 31, 20X3, Porta must test goodwill for impairment. Assume that the carrying value of the goodwill has not changed since 20X1. Determine the amount of goodwill to be reported for Division K and the amount of goodwill impairment to be recognized, if any, if Division Ks fair value is determined to be $340,000. $280,000. $260,000.