Horan Ltd purchases the Coolum Store for the consideration of:

Cash $250,000

Land Horan Ltd is going to transfer the title of some land to the owners of the Coolum Store (the carrying amount of the land is $120 000; fair value is $295,000).

The statement of financial position of the Coolum Store as at the date of acquisition shows assets of $290,000 and liabilities of $95,000. All assets are fairly valued except the Coolum Store's building, which is in the financial statements at $60,000 but has a fair value of $85,000. There are no contingent liabilities.

Required

Calculate the amount of goodwill? ( 3 marks)