On July 31, 2019, Mexico Company paid 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 Current assets Noncurrent assets $3,500,000 $800,000 Current liabilities $2,700,000 Long-term liabilities $3,500,000 |Stockholders' equity $600,000 $500,000 $2,400,000 Total liabilities and stockholders' equity$3,500,000 Total assets It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchit $2,850,000 Over the next 6 months of operations, the newly purchased division experienced operatir losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2019, Conchita reports the following balance sheet information Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities $500,000 $2,500,000 ($700.000 ($500,000) $1,800,000 Net assets It is determined that the fair value of the Conchita Division is $1,850,000 The recorded amount for Conchita's net assets (excluding goodwill) is the same as fair value, except for property, pla $350,000 and equipment, which has a fair value above the carrying value Instructions (a) Compute the amount of goodwill recognized, if any, on July 31, 2019 (b) Determine the impairment loss, if any, to be recorded on December 31, 2019 (c) Assume that fair value of the Conchita Division is Determine the impairment loss, if any, to be recorded on December 31, 2019 $1,600,000 instead of $1,850,000