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Company ABC acquired the identifiable assets and liabilities of XYZ for a cash consideration of $265,000. The items acquired are listed as follows:

$	Carrying value	Fair value
Property, plant and equipment	140,000	148,000
Inventories	80,000	80,000
Accounts receivables	60,000	52,000
Patents	-	30,000
Accounts payables	40,000	40,000
Deferred tax liabilities	-	6,460
Net assets	240,000	263,540

The difference on acquisition is:

1. Goodwill of $25,000.

2. Gain on bargain purchase of $25,000.

3. Goodwill of $1,460.

4. Gain on bargain purchase of $1,460.