Which Statement Is Not Correct

Multiple Choice

Which statement is not correct?

A) Goodwill represents the difference between the purchase price and the fair value of net assets acquired.
B) Fair value is the after-tax amount at which an item could be sold in an arm's length transaction.
C) Economic goodwill differs from accounting goodwill and can be created by branding.
D) Fair value is the amount which could be exchanged in an arm's length transaction.