Remaining Time: 1 hour, 35 minutes, 01 second. Question Completion Status YOLOWESDAL Question 11 4.5 points On August 31, 2020, Southampton Co. acquired all of the common stock of Brighton Company, which became a division of Southampton Co Brighton Company imported the Solo statement of financial position at the time of the acquisition Brighton Company Statement of Financial Position Assets Equity and Liabilities Plant assets (ne Share capital $1,350,000 1) $1,150,000 ordinary Inventory Receivables Cash 235,000 800,000 422.000 Retained earnings Accounts payable 1,070,000 587.000 Total assets $2.807.000 Total equity and liabilities $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 purchaic price was 13,600.000, 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 drsion is estimated to be 1 3,000,000. Prepare the journal entry to record the impairment loss (if any) on December 31, 2020 For the toolbar, press ALT+F10 (PC) or ALT+FN-F10 (Mac) BIUS Paragraph Arial 10pt hp A IX