Bailey Inc. assumed 100% control over Victor Inc. on January 1, 2021. The book value and fair value of Victor's accounts on that date (prior to creating the combination) follow, along with the book value of Bailey's accounts: Bailey Book Victor Book Victor Fair Value Value Value Retained earnings, $120,000 $80,000 1/1/2021 Cash and receivables 100,000 50,000 $50,000 Inventory 320,000 120,000 140,000 Land 240.000 200,000 240,000 Buildings (net) 450,000 150,000 180,000 Equipment (net) 100.000 60,000 60,000 Liabilities 620,000 380,000 370,000 Common Stock 400,000 90,000 Additional paid-in capital 70,000 30,000 In addition, Bailey assessed a research and development project under way at Victor to have a fair value of $30,000. Assume that Bailey issued 10,000 shares of common stock with a $5 par value and a $40 fair value to obtain all of Victor's outstanding stock. In addition, Bailey paid legal costs of $8,000 in connection with the acquisition and $4,000 in stock issue costs, which is not yet reflected in the information above. On its acquisition-date consolidated balance sheet, what amount should Bailey report as goodwill? $200,000 O $70,000. O $50,000. $90,000