Question 5 of 5 View Policies Show Attempt History Current Attempt in Progress 6.25/25 III On July 31, 2020, Sunland Company paid $2,800,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Sunland. Conchita reported the following balance sheet at the time of the acquisition. Current assets Noncurrent assets Total assets $720,000 2,500,000 Current liabilities $510,000 Long-term liabilities 410,000 $3,220,000 Stockholders' equity 2,300,000 Total liabilities and stockholders' equity $3,220,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,550,000. 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 $400,000 Noncurrent assets (including goodwill recognized in purchase) 2,330,000 Current liabilities (700,000 ) Long-term liabilities (500,000) Net assets $1,530,000 Finally, it is determined that the fair value of the Conchita Division is $1,850,000. 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 0 for the amount.) The amount of goodwill eTextbook and Media $ 250000 (b) List of Accounts Attempts: 1 of 5 used * Your answer is incorrect. 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 amount.) The impairment loss $ 52000