On January 1, 2019. Pop Co. acquired 75% of the outstanding common shares of Soda Inc. for $161.250 cash. On that date, Soda had common shares of $156.250 and retained earnings of $31.250. At acquisition, the Identifiable assets and liabilities of Soda had fair values that were equal to carrying amounts except for inventory, which had fair value $8.000 greater than carrying amount and plant and equipment, which had fair values $10,000 greater than carrying amounts. The plant and equipment had a remaining useful life of 5 years on January 1, 2019. Any goodwill will be tested yearly for Impairment. Balance sheets as at December 31, 2019 are presented below. Cash Accounts receivable Inventory Land Plant & Equipment, net Investment in Soda Inc. - equity Pop Co. $ 10, eee 38,750 75,250 50,880 150, eee 168,5ee $492,500 $ 45, 5ee Soda Inc. $ 5,888 42,250 62,500 100,000 175,080 Current liabilities Bonds payable Common shares Retained earnings $ 384,750 $ 47,125 128, 125 156,250 53,25e $ 384,750 338,888 109, eee $492,500 For 2019. Soda Inc. reported net Income of $37.000 and paid dividends of $15.000. Pop Co. reported net Income for 2019 of $50.000 and paid dividends of $25,000 An Impalment test on goodwill conducted on December 31, 2019. Indicated that a $500 loss had occurred. What was the amount of goodwill that arose on the acquisition of Soda's common shares on January 1, 2019? Multiple Choice (59,250) $7125 $27.500 $9.500