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19) Midlothian acquires 100 percent of the outstanding voting shares of Cedar Company on January...

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Accounting

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19) Midlothian acquires 100 percent of the outstanding voting shares of Cedar Company on January 1, (3pts) 2020. To obtain these shares, Midlothian pays $400,000 cash and issues 20,000 shares of $1 par value common stock on this date Midlothian's stock had a fair value of $10 per share. Midlothian also pays an additional $3,000 in stock issuance costs. At date of acquisition, the book values and fair values of Cedar's net assets amounted to $450,000 and $520,000, respectively What amount was reported for goodwill on the consolidated financial statements as a result of this acquisition? O s.o- $77.000 $80.000 $180.000

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