Question 5 On May 31, 2023, Rooney Company paid $2,100,000 to purchase Frances Corporation, which became a division of Rooney. Frances reported the following balance sheet at the time of the It was determined at the date of the purchase that the fair value or une iuvinung balance sheet It is determined that the fair market value of the Frances division is Instructions a. Compute the amount of goodwill recognized, if any, on May 31,2023. b. Determine the impairment loss, if any, to be recorded on December 31,2023. c. Assume that the fair value of the Frances division is $1,100,000 instead of $1,250,000. Prepare the journal entry to record the impairment loss, if any, on December 31, 2023