Patent Corp How Much Goodwill Should Be Recorded?
A)$47,000
B)$53,000
C)$70,000
D)$100,000

Patent Corp., a publicly accountable entity, purchased a company with the following assets and liabilities for $100,000: $$\begin{array} { | l | r | r | } \hline & \text { Carrying value } & \text { Fair value } \\\hline \text { Cash } & 10,000 & 10,000 \\\hline \text { Inventories } & 18,000 & 17,000 \\\hline \text { Property, plant and equipment } & 12,000 & 10,000 \\\hline \text { Intangible assets } & 32,000 & 40,000 \\\hline \text { Accounts payable } & 15,000 & 15,000 \\\hline \text { Long-term liabilities } & 10,000 & 15,000 \\\hline \text { Equity } & 47,000 & \\\hline\end{array}$$ How much goodwill should be recorded?

A) $47,000
B) $53,000
C) $70,000
D) $100,000