Sheridan Corporation acquired End-of-the-World Products on January 1, 2020 for $6650000, and recorded goodwill of $1250000 as a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $4985000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5690000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2021?

$0

$1665000

$705000

$960000