On July 31, 2020, Crane Company paid $2,950,000 to acquire allof the common stock of Conchita Incorporated, which became adivision (a reporting unit) of Crane. Conchita reported thefollowing balance sheet at the time of the acquisition.

Current assets		$720,000		Current liabilities		$520,000
Noncurrent assets		2,650,000		Long-term liabilities		420,000
Total assets		$3,370,000		Stockholders’ equity		2,430,000
				Total liabilities and stockholders’ equity		$3,370,000

It was determined at the date of the purchase that the fair valueof the identifiable net assets of Conchita was $2,650,000. Over thenext 6 months of operations, the newly purchased divisionexperienced operating losses. In addition, it now appears that itwill generate substantial losses for the foreseeable future. AtDecember 31, 2020, Conchita reports the following balance sheetinformation.

Current assets		$420,000
Noncurrent assets (including goodwill recognized inpurchase)		2,300,000
Current liabilities		(640,000	)
Long-term liabilities		(440,000	)
Net assets		$1,640,000

Finally, it is determined that the fair value of the ConchitaDivision is $1,850,000.

Compute the amount of goodwill recognized, if any, on July 31,2020. (If answer is zero, do not leave answer fieldblank. Enter 0 for the amount.)

The amount of goodwill

$enter The amount of goodwill in dollars

Determine the impairment loss, if any, to be recorded onDecember 31, 2020. (If answer is zero, do not leaveanswer field blank. Enter 0 for the amount.)

The impairment loss

$enter the impairment loss in dollars

Assume that fair value of the Conchita Division is $1,590,000instead of $1,850,000. Determine the impairment loss, if any, to berecorded on December 31, 2020. (If answer is zero, donot leave answer field blank. Enter 0 for theamount.)

The impairment loss

$enter The impairment loss in dollars

Prepare the journal entry to record the impairment loss, if any,and indicate where the loss would be reported in the incomestatement. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles andenter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

This loss will be reported inincome as a separate line item before the subtotal select an incomestatement item                                                                  Income from Discontinued OperationsCostof Goods SoldIncome From Continuing OperationsExtraordinaryItems.