Magic Corporation acquired 90% of the common stock of Mini C…
Magic Corporation acquired 90% of the common stock of Mini Company for $420,000. Magic Corporation previously held no equity interest in Mini. On the date of acquisition, the fair value of the noncontrolling interest was $45,000. On the acquisition date, the carrying amount of Mini’s identifiable net assets amounted to $300,000. However, Mini’s Inventory had a fair value that exceeded its carrying value by $60,000 while its Equipment had a fair value that exceeded its carrying value by $40,000. All other assets and liabilities had fair values that equaled their carrying values. What amount of Goodwill should be reported on Magic Corporation’s consolidated balance sheet immediately after the acquisition?