Georgio Company purchases Armani Company for $1,800,000 cash on January 1, 2019. The book value of Armani Company's net assets, as reflected on its December 31, 2018 balance sheet is $1,340,000. An analysis by a valuation consultant on December 31, 2018 indicates that the fair value of Armani Companys net assets exceeded the book value by $140,000. How much goodwill should be recognized by Georgio Company due to the purchase of Armani Company?