Sheridan Company's balance sheet at December 31, 2026 reports assets of $1081000 and liabilities of $764000. All of Sheridan's assets' book values approximate their fair value, except for land, which has a fair value that is $59000 greater than its book value. In addition, notes payable has a fair value that exceeds its book value by $48000. On December 31, 2026, Pharoah Corporation paid $427000 to acquire Sheridan. What amount of goodwill should Pharoah record as a result of this purchase? O $51000 O $3000 O $99000 O $110000

Sheridan Company's balance sheet at December 31,2026 reports assets of $1081000 and liabilities of $764000. All of Sheridan's assets' book values approximate their fair value, except for land, which has a fair value that is $59000greater than its book value. In addition, notes payable has a fair value that exceeds its book value by $48000. On December 31, 2026, Pharoah Corporation paid $427000 to acquire Sheridan. What amount of goodwill should Pharoah record as a result of this purchase? $51000$3000$99000$110000 Sheridan Company's balance sheet at December 31,2026 reports assets of $1081000 and liabilities of $764000. All of Sheridan's assets' book values approximate their fair value, except for land, which has a fair value that is $59000greater than its book value. In addition, notes payable has a fair value that exceeds its book value by $48000. On December 31, 2026, Pharoah Corporation paid $427000 to acquire Sheridan. What amount of goodwill should Pharoah record as a result of this purchase? $51000$3000$99000$110000