Penn acquired 100% of Senn’s stock when the book value of Se…
Penn acquired 100% of Senn’s stock when the book value of Senn’s net assets was $260,000. The fair value of Senn’s net assets was $275,000 on the acquisition date. Based on the preceding information, if Penn paid $285,000 for the acquisition, what amount of goodwill will be reported in consolidated financial statements presented immediately following the combination?