Bob acquired 80% of the voting equity shares of Bill. Bill had the following equity at the date of acquisition:

$

Ordinary shares $1 1,000,000

Retained earnings 800,000

The cost of the investment was $1,500,000 and the fair value of the non-controlling interest at acquisition was

$360,000.

What was the goodwill on acquisition of Bill?

A $420,000

B $60,000

C $300,000

D $48,000