Noosa Ltd Acquired a Business from Tewantin Ltd on 1

Multiple Choice

Noosa Ltd acquired a business from Tewantin Ltd on 1 January 2011.At this date,the fair value of the consideration transferred was $1 500 000.The fair value of the identifiable assets acquired was $1 480 000,while the fair value of the liabilities assumed amounted to $80 000.The value of goodwill recognised by Noosa Ltd at the date of acquisition was:

A) $100 000
B) $20 000
C) $1 420 000
D) $1 400 000