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On January 1, 2018, Giorgina Inc. reports net assets of $600,000. In addition, a non-reported customer list has a fair value amount of $80,000 and

On January 1, 2018, Giorgina Inc. reports net assets of $600,000. In addition, a non-reported customer list has a fair value amount of $80,000 and a useful life of 8 years. Veronica Corporation pays $700,000 to acquire 90 percent ownership in Giorgina Inc.,

a. At what amount should the customer list be reported on the consolidated balance sheet on December 31, 2018?

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