On January 1, 2014, Red Company purchased Patriot Shop for $400,000 cash. Red Company received the assets listed below and assumed trade payables (owed by Patriot) amounting to $30,000. 
What amount of Goodwill will be recorded in the transaction?
A) $20,500
B) $45,000
C) $35,000
D) $50,000
Correct Answer:
Verified
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