.On April 1, 20X1, Paape Company paid $950,000 for all the issued and outstanding stock of Simon Corporation in a transaction properly recorded as a purchase. The recorded assets and liabilities of the Prime Corporation on April 1, 20X1, follow:

Cash.............................................$80,000

Inventory........................................240,000

Property and equipment

(net of accumulated depreciation

of $320,000)..................................480,000

Liabilities......................................(180,000)

On April 1, 20X1, it was determined that the inventory of Paape had a fair value of $190,000, and the property and equipment (net) had a fair value of $560,000. What is the amount of goodwill resulting from the business combination?___________

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