On January 1, 20X3, Stacy Company Purchased the College Book

On January 1, 20X3, Stacy Company purchased the College Book Store for $350,000. At the date of purchase, it was determined the recorded assets had a total market value of $325,000, comprised of inventory (books) , $275,000; fixtures, $30,000; and other assets $20,000. It is estimated that the goodwill (if any) has an economic useful life of 20 years. What is the amount of amortization expense for goodwill for 20X3?

A) $1,250
B) $0
C) $16,250
D) $17,500