On May 31, 2021, Ivanhoe Company paid $3,255,000 to acquire all of the common stock of Oriole Corporation, which became a division of Ivanhoe Oriole reported the following balance sheet at the time of the acquisition: Current assets $ 837,000 Current liabilities $ 558.000 Noncurrent assets 2,511,000 Long-term liabilities 465.000 Stockholder's equity 2,325,000 Total assets $3,348,000 Total liabilities and $3,348,000 stockholder's equity It was determined at the date of the purchase that the fair value of the identifiable net assets of Oriole was $2,883,000. At December 31, 2021, Oriole reports the following balance sheet information: Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities Net assets $ 744,000 2,232,000 (651,000) (465.000) $1,860,000 It is determined that the fair value of the Oriole division is $2,046,000. Part 1 Compute the amount of goodwill recognized, if any, on May 31, 2021 Amount of goodwill $ Part 2 Determine the impairment loss, if any, be recorded on December 31, 2021. Impairment loss Part 3 Assume that the fair value of the Oriole division is $1,813,500 instead of $2,046,000. 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 account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit