Business course Return to course 23 My Subscriptions Finish attempt Question 6 Not yet answered Marked out of 3.00 P Flag question On July 1, 2019, an acquiring company paid $1,000,000 for 100% of the outstanding common stock of an investee company in a transaction that qualifies as a business combination Immediately preceding the transaction, the investee company had the following condensed balance sheet: Pre-acquisition amounts reported on investee's balance sheet Current assets $100.000 Property and equipment, net 1.200,000 600,000 Equity 700,000 The acquisition date fair value of the property and equipment was $250,000 more than its carrying amount. For all other assets and liabilities, the pre-acquisition amounts reported on investee's balance sheet were equal to their respective fair values Investment accounting by parent before consolidation What amount of goodwill related to the acquisition of the investee must the acquiring company report in pre-consolidation parent-only balance sheet immediately following the acquisition Investee company common stock? 050 O$50.000 C$220,000 $300,000 80 999