Remaining Time: 36 minutes, 52 seconds. Expand Question Completion Status: First Question Previous Question Question 15 of 50 Next Question Last QuestionUnsaved change Moving to another question will save this response. Question 15 On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below: Punch Soopy Cash $34,000 $206,000 Accounts Receivable 144,000 26,000 Inventory 132,000 38,000 Land 68,000 32,000 Plant assets 700,000 300,000 Accum. Depreciation (240,000) (60,000) Investment in Soopy 392,000 Total assets $ 1,230,000 $ 542,000 Accounts payable $206,000 $142,000 Capital stock 800,000 300,000 Retained earnings 224,000 100,000 Total liabilities & equities $ 1,230,000 $ 542,000 At the date of the acquisition, the book values of Soopy's net assets were equal to the fair value except for Soopy's inventory, which had a fair value of $60,000. What amount of Goodwill will be reported on the consolidated balance sheet? A. $90,000 B. $54,400 C. $68,000 D. $72