Petra Corporation purchased all of the outstanding shares of Stuckey Corporation for $25,000,000. Stuckey's assets and liabilities at the date of acquisition are as follows: Fair Value Book Value Dr (Cr) Current assets $ 6,500,000 $ 8,000,000 Plant assets 60,000,000 90,000,000 Current liabilities (4,000,000) (4,000,000) Noncurrent liabilities (67,000,000) (69,000,000) Stuckey has previously unreported intangibles, meeting the criteria for capitalization, with a fair value of 35,000,000. Stuckey has previously unreported intangibles, meeting the criteria for capitalization, with a fair value of 35,000,000. The gain on acquisition is: Gain of $1 million co the consolidated income statement $ 1,500,000 Loss of $1 million on the consolidated income statement Increase in goodwill of $1 million