60. Ivy, Incorporated, purchased all the common stock of Harrell Company for $2,000,000. Harrell's net assets had a book value of $1,200,000 and a fair market value of $1,500,000. What amount of goodwill should Ivy record as a result of this transaction?

A) $0

B) $300,000

C) $500,000

D) $700,000

Answer: C Difficulty: Medium