On July 1, 2009, Ute Corporation paid $640,000 for 80% of Cougar Company's outstanding common stock. On that date, the costs and fair values of Cougar's recorded assets and liabilities were as follows:

CostFair Value

Cash and Receivables50,00050,000

Inventory230,000300,000

Buildings and equipment (net)200,000350,000

Liabilities(80,000)(120,000)

Net assets400,000580,000

Give the information above, what is the amount of goodwill that will be recorded?