Lakeland Inc. acquired 100% of the voting common stock of Ripon Inc. on January 1, 20X1. The book value and fair value of Ripon's accounts on that date (prior to creating the combination) follow, along with the book value of Lakeland's accounts:

	Lakeland Book Value	Ripon Book Value	Ripon Fair Value
Retained earnings, 1/1/X1	$250,000	$240,000
Cash and receivables	170,000	70,000	$70,000
Inventory	230,000	170,000	210,000
Land	280,000	220,000	240,000
Buildings (net)	480,000	240,000	270,000
Equipment (net)	120,000	90,000	90,000
Liabilities	650,000	430,000	420,000
Common stock	360,000	80,000
Additional paid-in capital	20,000	40,000

Assume that Lakeland issued 12,000 shares of common stock with a $5 par value and a $47 fair value to obtain all of Ripon's outstanding stock. In this acquisition transaction, how much goodwill should be recognized?

a$64,000.

b$60,000.

c$0.

d$104,000.

e$144,000.