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On January 1, 2014, Midwest Co. purchased 50% of the outstanding voting stock of Gill Co for $500,000. The book value of Gill's net assets

On January 1, 2014, Midwest Co. purchased 50% of the outstanding voting stock of Gill Co for $500,000. The book value of Gill's net assets on the acquisition date was $800,000. Gill's depreciable assets with a ten-year remaining life had a fair value that was $100,000 more than the book value (Midwest's share of this amount is $50,000). The amount of good will associated with this investment is

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