Question 38 Not yet answered Marked out of 1.00 P Flag question X Corporation acquired 100 percent of Y Corporation's outstanding capital stock for $400,000 cash. Immediately before the purchase, the balance sheets of both corporations reported the following: Y CO $2,000,000 Assets $750,000 $ 750,000 Liabilities $400,000 Common Stock 1,000,000 310,000 Retained Earnings 250,000 40,000 Liabilities & Stockholders' Equity $2,000,000 $750,000 At the date of purchase, the fair value of Y assets was $50,000 more than the Book value amounts. In the consolidated balance sheet prepared immediately after the purchase, the goodwill should amount to Select one: a. 80,000 b. O c. 50,000 d. 30,000 Previous page Next page