On January 1, 20X8, Parsley Corporation acquired 75 percent…
On January 1, 20X8, Parsley Corporation acquired 75 percent of Sage Company’s voting common stock for $90,000 cash. At that date, the fair value of the noncontrolling interest was $30,000. Sage’s balance sheet at the date of acquisition contained the following balances: At the date of acquisition, the reported book values of Sage’s assets and liabilities approximated fair value. Consolidating entries are being made to prepare a consolidated balance sheet immediately following the business combination. Based on the preceding information, the amount of goodwill reported is: