Reference no: EM133185497

Question - On December 30, Lusch Products acquired a 90% ownership interest in Fisher Engines to improve its ability to obtain motors for its products. The cost of the acquisition totaled $219,600. Lusch had retained earnings of $252,000, common stock of $96,000, total assets of $2,160,000, and total liabilities of $1,812,000 just before the consolidation. Fisher Engines' fair value and book value of its net assets were both $244,000 at the time of acquisition, with $48,000 reported as common stock, $196,000 reported as retained earnings, and $304,000 reported as total assets. How much will Lusch Products report as goodwill on its consolidated balance sheet immediately after the acquisition?