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On January 1, 20X6, Pumpkin Corporation acquired 70 percent of Spice Companys common stock for $210,000 cash. The fair value of the noncontrolling interest at that date was determined to be $90,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

	Pumpkin					Spice
Cash		$	50,000				$	15,000
Accounts Receivable			70,000					25,000
Inventory			30,000					20,000
Land			150,000					80,000
Buildings and Equipment			250,000					200,000
Less: Accumulated Depreciation			(70,000	)				(20,000	)
Investment in Spice Co.			210,000
Total Assets		$	690,000				$	320,000
Accounts Payable		$	40,000				$	10,000
Bonds Payable			150,000					40,000
Common Stock			300,000					90,000
Retained Earnings			200,000					180,000
Total Liabilities and Equity		$	690,000				$	320,000

At the date of the business combination, the book values of Spices assets and liabilities approximated fair value except for inventory, which had a fair value of $30,000, and land, which had a fair value of $95,000.

Based on the preceding information, what amount of goodwill will be reported in the consolidated balance sheet prepared immediately after the business combination?

Multiple Choice

• $0

• $5,000

• $25,000

• $30,000