At the start of the current year, SBC Corp. purchased 25% of Sky Tech Inc. for $48 million. At the time of purchase, the carrying value of Sky Tech's net assets was $70 million. The fair value of Sky Tech's depreciable assets was $10 million in excess of their book value. For this year, Sky Tech reported a net income of $70 million and declared and paid $10 million in dividends. The amount of purchased goodwill is:

Multiple Choice

None of the above are correct.

$58 million.

$28 million.

$38 million.