VII. Goodwill On May 31, 2021, Armstrong Company paid $3,500,000 to acquire Hall Corporation. Hall reported the following balance sheet at the time of the acquisition: Current assets $ 900,000 Current liabilities $ 600,000 Noncurrent assets 2.700,000 Long-term liabilities 500,000 Stockholders' equity 2.500.000 Total liabilities and Total assets $3,600.000 stockholders' equity $3.600.000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Hall was $3,100,000. At December 31, 2021, Hall reports the following balance sheet information: Current assets $ 800,000 Noncurrent assets (including goodwill recognized in purchase) 2,400,000 Current liabilities (700,000) Long-term liabilities (500,000) Net assets $2.000.000 Instructions (a) Compute the amount of goodwill recognized, if any, on May 31, 2021. (b) Assume that the fair value of the Hall division is $1,950,000 on December 31, 2021. Prepare the journal entry to record the impairment loss, if any, on December 31, 2021