Question Completion Status 0000 Question 45 points On August 31, 2020, Southampton Co. acquired all of the common stock of Brighton Company, which became a division of Southampton Co. Brighton Company reported the following state of financial position at the time of the acquisition Brighton Company Statement of Financial Position Assets Equity and Liabilities Share capital ordinary $1.250,000 Plant assets (ne 1) Inventory Receivables $1,050,000 970,000 235,000 Retained earnings Accounts payable 525.000 750,000 300.000 Cash Total assets $2.595.000 Total equity and liabilities $2.595.000 An appraisal indicated that the fair value of the inventory was $467,000 and the fair value of the plant assets was $1,450,000. The agreed purchase price was $2,700,000, and this amount was paid in casks to the previous owners of Brighton Company Required a. Prepare the entry to recond the purchase of Brighton Company. b. Assume that the carrying amount of Brighton Company division's net assets, including goodwill is $2,900.000. The recoverable amount of the division is estimated to be $ 2,500,000. Prepare the jouma entry to record the impairment loss (If any) on December 31, 2020 For the toolbar, press ALT+F10 (PC) or ALT-FN-F10(Mac) *** BIVS Paragraph Arial 10pt LY I EEY V XQ FETE