Biotech recently purchased a subsidiary and records a goodwill of $5,000,000 on its balance sheet as an asset. In addition to the goodwill arising from the acquisition, Biotech believes the company has created its own goodwill from years of operation and brand building, and the value is $2,000,000. Therefore, Biotech reports a total of $7,000,000 goodwill on its balance sheet. To ensure that goodwill is properly valued on its book, the company amortizes the goodwill over a period of ten years. For example, in fiscal year 2023, the company recorded a goodwill amortization expense of $700,000 [=$7,000,000/10years]. The objective is to account for the decline in the value of goodwill over time. As an intern of a public accounting firm, your supervisor asks you to analyze goodwill reporting for this local client. how much goodwilll should be reported? A)2,000,000 B)5,000,000 C)7,000,000