Parent company purchased 100 percent of subsidiary corporation's stock on january 1, x1, for $300,000 cash. At date of acquisition, subsidiary's share capital and RE amounted to $50,000 and $10,000 respectively.Assets Parent Subsidiary Cash 100,00025,000Investments 300,000 Other assets 165,000125,000Total assets $575,000$150,000Liabilities and equity Parent Subsidiary Current liabilities 25,00035,000Share capital 150,00050,000Retained earnings400,00065,000Total liabilities and equity $575,000$150,000 Summarized statements of financial position of the companies on Dec 31,x3, are presented belowFair values of subsidiary were equal to book values except for buildings, which had a fair value of $100,000 in excess of net book value (remaining useful life of 20 years). Goodwill has not been impaired since acquisitionNo dividends were declared in X3Profit for the year X3 for parent and subsidiary amounts to $90,000 and $35,000 respectively During X3, $50,000 of the subsidiary's sales were to the parent. Of these sales, $10,000 remained in the December 31, X3, inventories of the parent. The december 31, X2, inventories of parent contained $5,000 of merchandise purchased from subsidiary. Subsidiary's sales are priced to provide it with a gross profit of 10% (gross profit on sales)What amount would parent company report on its consolidated F/S on december 31, X3 for goodwill?