X Co acquired 100% of Y Co outstanding capital stock for $400,000 cash. Immediately before the purchase,the balance sheets of both
corporations reported the following:
XCO Y CO
Assets 2,000,000 750,000
Liabilities 750,000 400,000
Common Stock 1,000,000 310,000
Retained Earnings 250,000 40,000
Liabilities & Stockholders Equity 2,000,000 750,000
At the date of purchase, the fair value of Y assets was $50,000 more than the Book value amounts. In the consolidated balance sheet prepared immediately after the purchase,the goodwill should amount to
