On January 3, 2020, Munn acquired all noncash assets and assumed all liabilities of Saturn Company at a cash purchase price of $480,000. Munn determined that the fair value of the assets acquired in the transaction is $560,000 and the fair value of liabilities is $240,000. The book value of the net assets at the purchase date was $300,000. Determine the amount of goodwill recorded by Munn upon purchase of Saturn Company. Goodwill, Jan. 3, 2020 $ 180,000 *