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 followir statement of financial position at the time of the acquisition: Assets Plant assets (ne t) Inventory Receivables Cash Total assets Brighton Company Statement of Financial Position $1,350,000 235,000 800,000 422.000 $2.807.000 Equity and Liabilities Share capital- ordinary Retained earnings Accounts payable Total equity and liabilities $1,150,000 1,070,000 587.000 $2.807.000 An appraisal indicated that the fair value of the inventory was $372,000 and the fair value of the plant assets was $1,550,000. The agreed purchase price was $3,600,000, and this amount was paid in cash to the previous owners of Brighton Company. Required: a. Prepare the entry to record the purchase of Brighton Company. b. Assume that the carrying amount of Brighton Company division's net assets, including goodwill is $2.550,000. The recoverable amount of the division is estimated to be S 3,000,000. Prepare the journal entry to record the impairment loss (If any) on December 31, 2020.