Goodwill is:
a. amortized over the greater of its estimated life or 40 years.
b. only recorded by the seller of a business.
c. the excess of the fair value of a business over the fair value of all net identifiable assets.
d. none of these answer choices are correct.

c. The excess of the fair value of a business over the fair value of all net identifiable assets.

Explanation:

Goodwill is an intangible asset that cannot be seen or even touched. It is shown under the intangible assets section like other intellectual property rights like - copyright, patent, trademarks, etc. It is the amount which reflect the buying price of the other business

It is computed below:

= Acquired fair value of the business - net assets fair value

where,  

Net assets = Fair value of assets - fair value of liabilities

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~courtney

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explanation:

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