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At the beginning of fiscal 2014, Standard Rate Company acquired a small savings and loan association for $68 million. The book value of the assets of the acquired company were $174 million, its liabilities $115 million. An appraiser determined that the acquiree’s land had a fair value of $2 million in excess of its net book value. Standard Rate also determined that the acquiree had an unrecorded liability of $4.5 million relating to a lawsuit. The book value of all other assets and liabilities approximated fair value.
What did Standard Rate Company record as goodwill for this acquisition?
a. $11.5 million
b. $ 9 million
c. $16 million
d. $ -0
e. None of the above
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