Problem 12-04 (Part Level Submission) On July 31, 2020, Wildhorse Company paid $2,800,000 to acquire all of the common stock of Conchita incorporated, which became a division (a reporting unit) or Wildhorse. Conchita reported the following balance sheet at the time of the acquisition Current assets Noncurrent assets Total assets $720,000 2,500,000 $3.220,000 Current liabilities Long-term liabilities Stockholders' equity Total libilities and stockholders' equity $520.000 420,000 2.280.000 $3,220.000 It was determined at the date or the purchase that the fair value of the identifiable net assets or Conchita was $2,495,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Conchita reports the following balance sheet Information. Current assets $440,000 Noncurrent essets (including goodwill recognized in purchase) 2,460,000 Current liabilities (640,000) Long-term liabilities 1440,000) Net assets $1,820.000 Finally, it is determined that the fair value of the Conchita Division is $1,850,000. (a) Your answer is correct. Compute the amount of goodwill recognized. If any, on July 31, 2020. (If answer is zero, do not leave answer field blank. Enter o for the amount.) The amount of goodwill 315,000 SIRYW UTST OR ACCOUNTS SHOW SOXUTTON LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 1 of 5 used (b) * Your answer is incorrect. Try again. Determine the impairment loss, if any, to be recorded on December 31, 2020. (If answer is zero, do not leave answer field blank. Enter o for the aniount.) The Impairment loss (460,000)