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Question 9 4.5 points Save Answer 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 following statement of financial position at the time of the acquisition: Brighton Company Statement of Financial Position Assets Equity and Liabilities Plant assets (ne $1,350,000 Share capital- ordinary $1,150,000 Retained earnings Inventory Receivables 235,000 800,000 422,000 1,070,000 587,000 Accounts payable Cash 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 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. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)