Case Instructions On March $1,2025,$ Walk Company paid $\backslash (\backslash$$ $8,500,000\backslash )$ to acquire all of the common stock of Jog Corporation, which became a division of Walk. Jog reported the following balance sheet at the time of the acquisition: It was determined at the date of the purchase that the fair value of the identifiable net assets of Jog was $\backslash (\backslash$$ $7,900,000\backslash ).$ At December $31,2025,$ Walk reports the following balance sheet information: It is determined that the fair value of the Jog division is $\backslash (\backslash$$ $4,700,000\backslash ).$ Required $1.$ Compute the amount of goodwill recognized, if any, on March $1,2025.2.$ Determine the impairment loss, if any, to be recorded on December $31,2025.$ If an impairment loss is not to be recorded, explain why. $3.$ Assume that the fair value of the Jog division is $\backslash (\backslash$$ $4,100,000\backslash )$ instead of $\backslash (4,700,000\backslash ).$ Prepare the journal entry to record the impairment loss, if any, on December $31,2025.$ If an impairment loss is not to be recorded, explain why.