On December 31, 20X1, Pine Corporation acquired 100 percent ownership of Sap Corporation.On that date, Sap reported assets and liabilities with books values of $450,000 and $200,000, respectively, common stock outstanding of $150,000, and retained earnings of $100,000. The book values and fair values of Sap's assets and liabilities were identical except for land which had increased in value by $15,000 and inventories which had decreased by $5,000.

Based on the preceding information, what amount of goodwill will be reported in the consolidated balance sheet on the acquisition date if the acquisition price was $280,000?

$35,000

$10,000

$20,000

$30,000