The fair market value of Lewis Company's net identifiable assets is $5,000,000. Martin Corporation purchases Lewis' entire business for $5,800,000. Which of the following statements is not correct?

a.Martin Corporation paid $800,000 for goodwill generated by Lewis Company.

b.chMartin feels that Lewis Company has the ability to generate earnings in excess of a normal return on net identifiable assets.

c.Martin will record amortization expense over a period not to exceed 40 years.

d.Martin Corporation will record $800,000 to goodwill, an intangible asset, which will be reported in its balance sheet