GoldStar Inc. acquired all assets and assumed all liabilities of Silver Company at a cash purchase price of $784,000. The carrying value of the assets acquired was $1,040,000 and the carrying value of the liabilities acquired was $400,000. GoldStar Inc. estimated that assets were undervalued by $80,000 due to unrecorded intangibles of $60,000 (fair value) and undervalued land and equipment of $20,000 (as compared to fair value). Determine the amount of goodwill recorded by Silver Company upon purchase of GoldStar Inc.

Goodwill