Hi dear helper,

Please letting me know how to calculate it(step by step) and give me an explanation about the steps, thanks, I'll give you the thumb!

(If you can't or do not want to, please let someone else do, thanks)

On 12 January 2021. U Ltd acquired 70% of the shares in P Ltd. Consideration took the form of shares with a fair value of $200,000 and cash of $500,000. Incidental costs relating to the acquisition were $50.000. The fair value of the non-controlling interest was estimated to be $310,000. On 12 January 2021. the owners' equity of P Ltd comprised: Share capital 600,000 Retained earnings 200,000 Revaluation surplus 100,000 900,000 Required: Using the proportionate goodwill method, the amount to be recorded for goodwill (gain on bargain purchase) at acquisition date is: A. 20000 B. 70000 C. 40000 D. 120000