On July 31, 2020, Cullumber Company paid $2,750,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Cullumber.Conchita reported the following balance sheet at the time of the acquisition Current assets $860,000 Current liabilities $580,000 Noncurrent assets 2.450,000 Long-term liabilities 480,000 Total assets $3,310,000 Stockholders' equity 2.250,000 Total liabilities and stockholders equity $3,310,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,475,000. 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 3112020, Conchita reports the following balance sheet Information Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities Net assets $480,000 2,170,000 (700,000) (500,000) $1.450,000 Finally, it is determined that the fair value of the Conchita Division is $1,850,000 (c) Assume that fair value of the Conchita Division is $1,388,000 instead of $1,850,000. Determine the impairment loss, if any, to be recorded on December 31, 2020. (If answer is zero, do not leave answer held blank. Enter for the amount.) The impairment loss $