On 1 January 20X0, Zed Ltd acquired 100% of the share capital of Ned Ltd for $900,000 cash. At that date, the equity section of Ned Ltds balance sheet was as follows: $ Share capital 700,000 Retained profits 50,000 Asset revaluation reserve 100,000 Assuming all assets and liabilities were recorded at their fair values what was the difference on acquisition? Select one: $100,000 bargain purchase $100,000 goodwill $50,000 bargain purchase $50,000 goodwill