Cheers acquired Tapp as an associate by purchasing 45% of Tapp's shares for $150,000 cash. The condensed statements of financial position for Cheers and Tapp just before the acquisition transaction are given below. On the acquisition date, the fair value of the current assets and the net capital assets of Tapp Ltd. were $104,000 and $216,000, respectively. The fair value of the liabilities equaled their book value. What is the amount of goodwill created in this acquisition? Cheers Co. Tapp Ltd Current assets $ 240,000 $ 40,000 Net capital assets 400,000 240,000 $ 640,000 $ 280,000 Current liabilities $ 168,000 $ 140,000 Long-term debt 80,000 48,000 Share capital 360,000 50,000 Retained earnings 32,000 42,000 $ 640,000 $ 280,000