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What did standard rate record as goodwill

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Question - 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 record as goodwill for this acquisition?

a) 11.5 million

b) 9 million

c) 16 million

d) 0

e) None of the above

Reference no: EM132043301

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