On July 31, 20X0, Hobbes Company paid $3,000,000 to acquire all of the common stock of Thomas, Incorporated, which became a division (a reporting unit) of Hobbes. Thomas reported the following balance sheet at the time of the acquisition. THOMAS, INCORPORATED BALANCE SHEET AT JULY 31, 20X0 800.000 Current Liabilities 2,700,000 Long Term Liabilities Stockholders' Equity $ Current Assets Noncurrent Assets 600,000 500,000 2,400,000 Total Assets $ 3.500.000 Total Liabilities and Stockholders' Equity $ 3.500.000 It was determined at the date of the purchase that the fair market value of the identifiable net assets of Thomas was $2,750,000. 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 31, 20X0, Thomas reports the following balance sheet information. THOMAS DIVISION BALANCE SHEET AT DECEMBER 31, 20X0 450,000 Current Liabilities 2,400,000 Long Term Liabilities Stockholders' Equity $ Current Assets Noncurrent Assets $ 700,000 500,000 1,650,000 Total Assets $ 2.850.000 Total Liabilities and Stockholders' Equity $ 2.850,000 Finally, it is determined that the fair value of the Thomas Division is $1,850,000. The recorded amount for Thomas' net assets (excluding goodwill) is the same as the fair value, except for property, plant, and equipment, which has a fair value of $150,000 more than the recorded book value (carrying value). REQUIRED: (1) Calculate the amount of goodwill that Hobbes should record, if any, from the purchase of Thomas on July 31, 20X0. Show the amounts that should be used for the calculation and the appropriate formulas for making the calculation. (2) Calculate the impairment loss on goodwill, if any, that Hobbes should record at December 31, 20X0 based on the information provided in the problem. Show the amounts that should be used for the calculation and the appropriate formulas for making the calculation. (3) Assume that the fair market value of the Thomas Division is $1,600,000 rather than the $1,850,000 given in the original information. Calculate the impairment loss on goodwill, if any, that Hobbes should record at December 31, 20X0 based on this new information. Show the amounts that should be used for the calculation and the appropriate formulas for making the calculation. (4) Using the results from Part (3), prepare the general journal entry, in proper form, to record the impairment loss, if any, and indicate where the loss would be reported in the income statement