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On 1 January 20X1 Sharp acquired an 80% holding in the $95,000 share capital of Flat for $174,000 when Flat's reserves were $57,000. The fair value of Flat's non-current assets exceeded book value by $20,000. Flat's inventory was overvalued by $5,000. The inventory was sold on 1 April 20X1. Flat depreciates non-current assets over 10 years. At 31 December 20X1 the reserves of Sharp and Flat were $300,000 and $102,000 respectively. Sharp has share capital of $150,000. Calculate the goodwill on acquisition of Flat. The goodwill on acquisition of Flat is: $________. |