Annapolis Company was recently sold for $480,000.Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item

Amount

Accounts Receivable assumed by buyer

$75,000

Inventory

$290,000

Property, Plant & Equipment (net)

$545,000

Notes Payable assumed by buyer

$705,000

Using this information, how much should be recorded as Goodwill for this transaction?