On May 31, 2021. Crane Company paid $3,955,000 to acquire all of the common stock of Cullumber Corporation, which became a division of Crane Cullumber reported the following balance sheet at the time of the acquisition: Current assets Noncurrent assets $ 1,017,000 3,051,000 Current liabilities Long-term liabilities Stockholder's equity Total liabilities and stockholder's equity $ 678,000 565,000 2,825.000 Total assets $4,068,000 $4,068,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Cullumber was $3,503,000. At December 31, 2021, Cullumber reports the following balance sheet information: Current assets $ 904,000 Noncurrent assets (including goodwill recognized in purchase) 2,712,000 Current liabilities (791.002 Long-term liabilities (565,000) Net assets $2.260,000 It is determined that the fair value of the Cullumber division is $2486,000, (a) Your answer has been saved. See score details after the due date (b) Your answer has been saved. See score details after the due date. Determine the impairment loss, if any, to be recorded on December 31, 2021. 226000 Impairment loss Attempts: 1 of 1 used (c) Assume that the fair value of the Cullumber division is $2,203,500 instead of $2,486,000. Prepare the journal entry to record the impairment loss, if any, on December 31, 2021. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation Attempts: 0 of 1 used Submit Answer Sive for Later