On June 3, 2019, Majestic Ca soped all of the common stock of Golden Company, which became a divisi of MC Gulp of f Golden Company Statement of Financial Position A Equity and Liabilities Plant assets (net) $1,050,000 Share capital ordinary $950,000 aventory $75,000 Retained cuming 500,000 650,000 Accounts payable 75.000 Cash 250.000 Receivables Total assets $2.325.000 Total equity and liabilities $2.325.000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1.350,000. The agreed purchase price was $2.500.000, and that was pe cash to the previous owners of Golden Company Required: a. Prepare the entry to record the purchase of Golden Company b. Assume that the carrying amount of Golden Company division's net assets, including goodwit is $2,700,000. The recoverable amount of the division is estimated to be 2,600,000. Prepare the journal entry to record the impairment loss (if any) on December 31, 2019.