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Question - Teacher Inc. purchased all of the outstanding common shares of Student Inc. for cash of $800,000. On the date of acquisition, Student's assets included $2,000,000 of Inventory, and Land with a Book value of $120,000. Student also had $1,400,000 in Liabilities on that date. Student's book values were equal to their fair market values, with the exception of the company's Land, which was estimated to have a fair market value which was $50,000 higher than its book value. Student also had patent rights with a fair market value on acquisition date of $20,000 that were not shown on its balance sheet because the rights had been developed internally. How much goodwill would be created by Teacher's acquisition of Student?
A. $30,000
B. $10,000
C. $70,000
D. $80,000
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