Knoplfer Limited acquired the net assets and contingent liabilities of Straits Limited for $70 000 cash. The fair value of Straits Limited's net assets and contingent liabilities were: total assets $96 000; total liabilities $15 000: and contingent liabilities $7 000. When recording the business combination, Knoplfer Limited will record a: O a. goodwill of $11 000. O b. goodwill of $4000. O c. none of the other options Od gain on bargain purchase of $70 000. O e. gain on bargain purchase of $4000