On April 1, year 1, Parson Corp. Purchased 80% of the outstanding stock of Sloan Corp. for 780,000 cash. Parson determined that the fair value of the net identifiable assets was $800,000 on the date of acquisition while the book value of equity was determine to be $705,000. The fair value of the remaining shares of Sloan's stock at the date of acquisition was $18 per share. Sloan had a total of 50,000 shares of stock issued and outstanding prior to the acquisition. What is the amount of goodwill that should be recorded by Parson at the date of acquisition?

A. 0

B. $160,000

C. $80,000

D. $120,000