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On 1 July 2014 Chloe Ltd acquired all the shares in Lola Ltd for $994,000. At this date the shareholders equity of Lola Ltd consisted

On 1 July 2014 Chloe Ltd acquired all the shares in Lola Ltd for $994,000. At this date the shareholders equity of Lola Ltd consisted of

Share Capital $290,000

General Reserve $181,000

Retained Earnings 1/7/2014 $269,000

At 1 July 2014, the carrying amounts of all identifiable assets of Lola Ltd were equal to fair value with one exception. An item of Plant has a cost of $132,000 and an accumulated depreciation of $58,000 but a fair value of $145,000. At 1 July 2014 the plant has a useful life of 7 years and is depreciated on the straight-line basis. Lola Ltd uses the cost basis to measure Plant.

An impairment loss of $97,000 relating to goodwill arising from the acquisition of Lola Ltd was recognised during the year ended 30 June 2015.

Calculate and enter the amount of goodwill.

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