Assume that prior to January 1, 2013, a Reporting Company owned a 10 percent interest in a Legal Entity. The Reporting Company acquired its 10 percent ownership interest in the Legal Entity on June 15, 1992 for $20,000, and correctly accounted for this investment under the cost method. On January 1, 2013, the Reporting Company purchased an additional 30 percent interest in the Legal Entity for $150,000. As a result of an evaluation of the facts and circumstances on January 1, 2013, the Reporting Entity determined that the Legal Entity is a variable interest entity and that the Reporting Company is the primary beneficiary of the VIE. The Reporting Company also determined that, on January 1, 2013, the fair value of previously held 10 percent is $50,000. In addition, independent appraisals revealed that the fair value of the non controlling interest is $300,000. On January 1, 2013, the Legal Entity has reported book values for its identifiable net assets equal to $350,000 and fair values for its identifiable new assets equal to $450,000. Assume that the Legal Entity is a business, as that term is defined in FASB ASC 805. Related to the initial consolidation of the Legal Entity on January 1, 2013, determine the following amounts:

a. Goodwill

b. Gain or Loss on initial consolidation of the Legal Entity