2. On May 31, 2019, Armstrong Company paid €3,400,000 to acquire all of the ordinary shares of Hall Corporation, which became a division of Armstrong. Hall reported the following statement of financial position at the time of the acquisition:
It was determined at the date of the purchase that the fair value of the identifiable net assets of Hall was €2,800,000. At December 31, 2019, Hall reports the following statement of financial position information:
Assume that the recoverable amount of the Hall division is €1,800,000 instead of $2,100,000. Prepare the journal entry to record the impairment loss, if any, on December 31, 2019.
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