MC Qu. 16-61 On January 1, 2018, the... On January 1, 2018, the Knight Corporation acquired 80% of the Red Company's voting stock for $1,500,000. Red's net assets had a book value of $1,350,000; the fair value of Red's land was $325,000 greater than its book value. The book value of Knight's assets immediately after the acquisition of Red totaled $6,850,000 while Red's assets had a book value of $1,350,000. What was the amount of goodwill reported on the January 1, 2018 consolidated balance sheet? Multiple Choice $200,000 $525,000 $42,000 $160,000