Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As of that date Clark has the following trial balance: Debit Credit Cash Accounts receivable $ 500 600 Inventory 900 Buildings (net) (5 year life) 1,600 Equipment (net) (2 year life) 1,000 Land 900 Accounts payable Long-term liabilities (due 12/31/22) Common stock $ 400 1,900 1,000 Additional paid-in capital Retained earnings Total 700 1, 500 $ 5,500 $ 5,500 Net income and dividends reported by Clark for 2020 and 2021 follow: Net income 2020 $ 120 2021 $ 140 Dividends 40 50 The fair value of Clark's net assets that differ from their book values are listed below: Buildings Equipment Land Long-term liabilities. Fair Value $ 1,200 1, 350 1, 300 1,750 Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. Compute goodwill, if any, at January 1, 2020