Fizzy Cola acquires Juicee Ltd. for $25,000,000 in cash, and accounts for its investment as a merger. Juicee's balance sheet at the date of acquisition is as follows:

Current assets...$100,000

Property, net.....$4,000,000

TOTAL $4,100,000

Liabilities $3,000,000

Equity $1,100,000

TOTAL $4,100,000

The fair value of Juicee's current assets is $75,000 less than book value. The fair value of its property is $1,500,000 less than book value. The book value of its liabilities approximates fair value. There are no unreported assets or liabilities. How much goodwill does Fizzy report for this acquisition?

a. $19,475,000

b. $22,325,000

c. $22,475,000

d. $25,475,000