On January 1, 2011, Blass Inc.purchased 75% of Glass Co.'s voting shares for $270,000.The book value of Glass Co.'s net assets equalled their fair market value of $300,000.The amount of goodwill, if any, to appear on the consolidated balance sheet as of the acquisition date would be:

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Goodwill is calculated as the excess of the purchase price over the fair value of the acquired net assets. Blass Inc. paid $270,000 for 75% of Glass Co., implying a total company valuation of $360,000 ($270,000 / 0.75). The fair value of Glass Co.'s net assets is $300,000. Therefore, goodwill is $360,000 - $300,000 = $60,000. Since Blass Inc. owns 75%, the goodwill on the consolidated balance sheet is 75% of $60,000, which is $45,000.