On 1 July 2X21, Horn Ltd agreed to purchase the assets and liabilities of Deer Ltd for $200,000 cash, plus 500,000 shares in Horn Ltd. At this date, the fair value of each share in Horn Ltd was $1.20. Costs directly attributable to the business combination totalled $2500. The statement of financial position of Deer Ltd as at the date of purchase (which is 1 July 2X21) is presented below.Assets Assets Trade receivables $ 125,000.0 Inventory $ 260,000.0 Land and buildings (net of depreciation) $ 400,000.0 Total Assets $ 785,000.0 Liabilities Bank overdraft $ 25,000.0 Creditors $ 150,000.0 Equity Capital and retained earnings $ 610,000.0 Total Liabilities and Equity $ 785,000.0 In the negotiation process, Horn Ltd determined the following fair values for Deer Ltd's assets and liabilities. Trade receivables $ 120,000 Inventory $ 275,000 Land and buildings (net of depreciation) $ 500,000 Bank overdraft $ (25,000) Creditors $ (150,000) Note that no deferred tax assets or liabilities arose from the business combination. What is the amount of goodwill purchased by Horn Ltd on 1 July 2X21