On May 31, 2015, Porter Company paid $3, 200,000 to acquire all of the common stock on Eaton Corporation, which became a division of Porter. It was determined at the date of the purchase (May 31, 2015) that the fair value of the identifiable net assets of Eaton was $2, 700,000. At December 31, 2015, Eaton reports the following balance sheet information: At 12/31/15 it is determined that the fair market value of the Eaton division is $1, 900,000. The recorded amount for Eaton's net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value of $200,000 above the carrying value. Compute the amount of goodwill recognized, if any, on May 31, 2015. Determine the impairment loss, if any, to be recorded on December 31, 2015. Assume that the fair value of the Eaton division at 12/31/15 is $1, 600,000 instead of $1, 900,000. Record the journal entry to record the impairment loss, if any, on December 31, 2015