Question Completion Status: Question 1 5 points Save Arpver On April, 2019, Golden Co. paid $4,500,000 to purchase Majestic Co., which became a division of Golden. Majestic Co. reported the following statement of financial position at the time of the acquisition: Non-current assets Current assets $2,700,000 900,000 Total assets $3.600.000 Equity Non-current liabilities Current liabilities Total equity and abilities $2,500,000 500,000 5000.000 $3.600.000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Majestic Co. was $3,200,000. Requirements: (a) Compute the amount of goodwill recognized. (b) Assume that on December 2019, the carrying amount of Majestic division's net assets, including goodwill is $4,000,000 and the recoverable amount of the Majestic division is $3,800,000 instead of $2,100,000. Determine the impairment loss (if any). (c) Based on requirement (b), prepare the journal entry to record the impairment loss (if any) on December 31, 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIVS K L Paragraph BB 13 Arial 10pt * Ev T - B < 0 + I. www