Question 8 of 8 0/1 View Policies Show Attempt History Current Attempt in Progress On July 31, 2020, Sheridan Company paid $2,850,000 to acquire all of the common stock of Conchita Incorporated, which became a division (a reporting unit) of Sheridan. Conchita reported the following balance sheet at the time of the acquisition $720,000 $550.000 Current assets Noncurrent assets 2.550,000 450,000 Current liabilities Long-term liabilities Stockholders' equity Total liabilities and stockholders' equity Total assets $3.270,000 2.270.000 $3,270,000 It was determinined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,625,000. 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 $410,000 Current assets Noncurrent assets (including goodwill recognized in purchase) 2.510,000 Current liabilities (600,000) Long-term liabilities (400,000 > Net assets $1.920,000 Finally, it is determined that the fair value of the Conchita Division is $1.960,000. (a) X Your answer is incorrect Compute the amount of goodwill recognized, if any, on July 31, 2020. (if answer is zero, do not leave answer field blonk. Enter for the amount.) The amount of goodwill $ 56000