On July 31,2020 , Mexico Company paid $3,000,000 to acquire all of the common shares 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 Conchite was $2,750,000 Over the next six 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, 2020, Conchita reports the following balance sheet information: It is determined that the fair value of the Conchita Division as at December 31,2020 , is $1,850,000. 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 $150,000 above the carrying value. Assume that Mexico follows ASPE for financial 20 reporting purposes. d) Prepare the journal entry to record the impairment loss; if any, and indicate where the loss would be reported in the income statement Debit Credit d) Prepare the journal entry to record the impairment loss, if any, and indicate where the loss would be reported in the income statement