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Compute what would be the amount of consolidated goodwill

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Problem 1: 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 31.2020? Assume that there was no amortization of any purchase price discrepancy during the year.

Option 1: $20,000

Option 2: ($65,000)

Option 3: $21,667

Option 4: $26,667

Reference no: EM132752519

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