$34,000$ is wrong. Solve for the gain.$$

Recognition upon initial consolidation of a variable interest entity $($VIE$)$ when VIE is a business $$399,000$ and fair values for its identifiable net assets equal to $$570,000.$

Assume that the Legal Entity is a "business," as that term is defined in FASB ASC $805("$Business Combinations"$).$ Related to the initial consolidation of the Legal Entity on January $1,2019,$ determine the following amounts:

Note: Use a negative sign with your answer in part b$.$ to indicate a loss on initial consolidation of Legal Entity, if applicable.

Account Amount a$.$ Goodwill $ $30,000$ b$.$ Gain $($Loss$)$ on initialconsolidation of Legal Entity $ $34,000$ xx