On 1 July 2015, Ping Limited acquired for cash all the issued share capital of Pong Limited for an amount of $950000. On the date of the acquisition, the assets, liabilities and contingent liabilities of Pong Limited are as follows:

Carrying amount ($) Fair value ($)

Cash 15000 15000

Accounts receivable 68000 68000

Inventory 112000 101000

Land 360000 620000

Plant 220000 120000

Loans payable (170000) (170000)

Accounts payable (58000) (58000)

Contingent liabilities - (46000)

REQUIRED

Calculate the goodwill on acquisition. Ignore any deferred tax considerations.