Question - At the beginning of fiscal 2014, Standard Rate company acquired a small savings and loan association for $68 million. The book value of the assets of the acquired company were $174 million, its liabilities $115 million. An appraiser determined that the acquiree's land had a fair value of $2 million in excess of its net book value. Standard rate also determined that the acquiree had an unrecorded liability of $4.5 million relating to a lawsuit. The book value of all other assets and liabilities approximated fair value.
What did Standard Rate record as goodwill for this acquisition?
a) 11.5 million
b) 9 million
c) 16 million
d) 0
e) None of the above