Stationary Ltd paid $140,000 for 70% of Paper Ltd. At the date of acquisition Paper Ltd had Share capital of $100,000 and Retained earnings of $50,000 and all of Paper Ltd's assets and liabilities were recorded at fair value. The shares in Paper Ltd held by non-controlling shareholders were assessed to have a fair value of $57,000. What is goodwill on consolidation of Paper Ltd based on the proportionate goodwill method? A) $35,000 B) $40,000 C) $50,000 D) $95,000