Return to Blackboard Kieso, Intermediate Accounting, 16e Help I System Announcements Problem 12-4 (Part Level Submission) On July 31, 2017, Cullumber Company paid $2,800,000 to acquire all of the common stock of Conchita Incorporated, which became a division Conchita reported the following balance sheet at the time of the acquisition. Current assets Noncurrent assets $740,000 Current liabilities 2,500,000 Long-term liabilities $3,240,000 Stockholders' equity $550,000 450,000 2,240,000 $3,240,000 fotal assets Total liabilities and stockholders' equity It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,565,00o. Over the next 6 mon the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable December 31, 2017, Conchita reports the following balance sheet information. $400,000 2,510,000 (660,000) (460,000) $1,790,000 Current assets Noncurrent assets (including goodwill recognized in purchase) Current liabilities Long-term liabilities Net assets It is determined that the fair value of the Conchita Division is $1,850,000. The recorded amount for Conchita's net assets (excluding goodwill) is ti value, except for property, plant, and equipment, which has a fair value si50,000 above the carrying value. Compute the amount of goodwill recognized, if any, on July 31, 2017