Scissor Corporations balance sheet at January1, 2020, reflected the following balances: Cash &Receivable $80,000 Accounts Payable $40,000 Inventory 120,000 Income taxes Payable 60,000 Land 70,000 Bonds Payable 200,000 Building &Equipment (net) 480,000 Common Stock 250,000 Retained Earnings 200,000 Total Assets $750,000 Total Liabilities & SHE $750,000 Paper Corporation entered into an active acquisition program and acquired 80% of Scissors common stock on January1, 2020, for $470,000. The fair value of noncontrolling interest at that date was determined for $117,500. A careful review of the fair value of Scissors assets and liabilities indicated the following: Account Book Value Fair Value Inventory $120,000 $150,000 Land 70,000 60,000 Building & Equipment (net) 480,000 550,000 What is the amount of the goodwill to be included in the consolidated sheet immediately following the acquisition date? Select one: a. $27,500 b. $57,500 c. $137,500 d. $47,500

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