On May 31, 2021, Cullumber Company paid $ 3,990,000 to acquire all of the common stock of Blossom Corporation, which became a division of Cullumber. Blossom reported the following balance sheet at the time of the acquisition: Current assets $ 1,026,000 Current liabilities $ 684,000 Noncurrent assets 3,078,000 Long-term liabilities 570,000 Stockholder's equity 2,850,000 Total assets $ 4,104,000 Total liabilities and stockholder's equity $ 4,104,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Blossom was $ 3,534,000. At December 31, 2021, Blossom reports the following balance sheet information: Current assets $ 912,000 Noncurrent assets (including goodwill recognized in purchase) 2,736,000 Current liabilities (798,000) Long-term liabilities (570,000) Net assets $ 2,280,000 It is determined that the fair value of the Blossom division is $ 2,508,000. Part 1 Compute the amount of goodwill recognized, if any, on May 31, 2021. Amount of goodwill $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer Part 2 Determine the impairment loss, if any, to be recorded on December 31, 2021. Impairment loss $ Assume that the fair value of the Blossom division is $ 2,223,000 instead of $ 2,508,000. 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media