On July 31, 2014, Mexico Company paid $3,041,700 to acquire all of the common stock of Conchita Incorporated, which became a division of Mexico. Conchita reported the following balance sheet at the time of the acquisition. It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,758,500. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2014, Conchita reports the following balance sheet information. It is determined that the fair value of the Conchita Division is $1,855,500. The recorded amount for Conchita's net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value $159,500 above the carrying value. Compute the amount of goodwill recognized, if any, on July 31, 2014. The amount of goodwill $ Determine the impairment loss, if any, to be recorded on December 31, 2014. The impairment loss $ Assume that fair value of the Conchita Division is $1,593,600 instead of $1,855,500. Determine the impairment loss, if any, to be recorded on December 31, 2014. The impairment loss $ Prepare the journal entry to record the impairment loss, if any, and indicate where the loss would be reported in the income statement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) This loss will be reported in income as a separate line item before the subtotal