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On May 31, 2021, Crane Company paid $3,185,000 to acquire all of the common stock of Cullumber Corporation, which became a division of Crane. Cullumber reported the following balance sheet at the time of the acquisition: Current assets Noncurrent assets $ 819,000 2.457.000 Current liabilities Long-term liabilities Stockholder's equity Total liabilities and stockholder's equity $546,000 455,000 2,275,000 $3.276,000 Total assets $3,276,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Cullumber was $2.821,000. At December 31, 2021, Cullumber reports the following balance sheet information: Current assets $ 728,000 Noncurrent assets (including goodwill recognized in purchase) 2,184,000 Current liabilities (637,000) Long-term liabilities (455,000) Net assets $1.820,000 It is determined that the fair value of the Cullumber division is $2,002,000. Part 1 Compute the amount of goodwill recognized, if any, on May 31, 2021 Amount of goodwill $ Part 2 Determine the impairment loss, if any, to be recorded on December 31, 2021. Impairment loss $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer Part 3 Assume that the fair value of the Cullumber division is $1,774,500 instead of $2.002,000. Prepare the journal entry to record the impairment loss, if any, on December 31, 2021. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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