Been Co purchased 60,000 ordinary shares in Rap Co for $85,000 five years ago when Rap Cos retained earnongs were $20,000 Rap Cos equity and reserves at 31 July 2016 were as follows: Ordinary shares- $180,000 Ratained earnings- $70,000 The fair value of the non -controlling interest at acquisition was $22,000 What was the goodwill arising on acquisition of Rap Co?