"On January 1, 2014, Wins Inc. acquired a 80 percent interest in Fast Inc. at a cost of $1,600,000. Fast Inc. s net assets on this date were $1,500,000. During 2014, Fast Inc. reported net income of $600,000 and declared dividend of $300,000. The fair values of Fast Inc. s net assets were equal to the book value on January 1, 2014. What is the value of goodwill at time of acquisition?"

No goodwill

"$500,000 "

"$100,000 "

"$600,000 "