Options for Q1 include:

$20,000,000

$5,000,000

$15,000,000

$10,000,000

Assume that Al Franken invests $5 million in Rush Limbaugh, a variable interest business entity. Franken is the primary beneficiary of Limbaugh's activities. Limbaugh presents the following , information at assessed fair values: Cash $5,000,000 Land $20,000,000 Food Production Facility $60,000,000 Long-term Debt $65.000.000 Franken Equity Investment $5,000,000 If the noncontrolling interest (NCI) fair value is $15,000,000, what is the total fair value of Limbaugh? If the noncontrolling interest (NCI) fair value is $20,000,000, how much goodwill does Franken record on the transaction? $10,000,000 Zero, no goodwill is recorded on the transaction $15,000,000 $5,000,000 If the noncontrolling interest (NCI) fair value is $11,000,000, how much of a gain on bargain purchase does Franken record on the transaction? $5,000,000 Zero, goodwill should be recorded on the transaction $1,000,000 $4,000,000