On January 1, 2021, Mystogan entered into a transaction for 100% of the outstanding common stock of Jellal Company. Mystogan issued $400 in long-term liabilities and also issued 40 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Mystogan paid $20 to lawyers, accountants, and brokers for assistance in bringing about this acquisition. Another $15 was paid in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Cash Receivables Inventories Land Buildings (net) Mystogan $ 180 Jellal $ 40 810 180 1,080 280 600 360 1,260 440 Equipment (net) Accounts payable Long-term liabilities 480 100 (450) (80) (1,290) (400) Common stock ($1 par) (330) Common stock ($20 par) (240) Additional paid-in capital (1,080) (340) Retained earnings (1,260) (340) Note: Parentheses indicate a credit balance. Mystogan's appraisal of Jellal, the following assets were deemed to be undervalued on the subsidiary's books: Inventory by $10, Land by $40, and Buildings by $60. What is the amount of goodwill arising from this acquisition? $520. $120. $230. None. There is a gain on bargain purchase of $265. None. There is a gain on bargain purchase of $230