On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn's assets and liabilities on June 1 follow: Cash Accounts receivable..... $150,000 180,000 Capitalized software costs 320,000 Goodwill 100,000 (130,000) $620,000 Liabilities. Net assets On June 1, Renn's accounts receivable had a fair value of $140,000. Additionally, Renn's in-process research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values.