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What would be the amount of Consolidated Goodwill

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Question - On April 1st.2019, X bought 75% of Y Company for $500,000. On that date Y had net assets with a book value of $600,000 and with the exception of a Trademark which fair value was $40,000 higher than its book value, all f Y's fair values approximated its book values on the date of acquisition. Assuming that a $5,000 Goodwill Impairment Loss was recorded by X, what would be the amount of Consolidated Goodwill on March 31st, 2020? Assume that there was no amortization of any purchase price discrepancy during the year.

A. ($65,000)

B. $20,000

C. $21,667

D. $26,667

Reference no: EM132742178

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