On October 1, 2017, P Company purchased 60% of the common stock of S Company for $290,000, gaining effective control of S Company. Additional information for both companies for 2017 follows: Common stock Other contributed capital Retained Earnings, 1/1 Net Income Dividends declared (10/31) P Company 300,000 120,000 240,000 260,000 40,000 S Company 90,000 40,000 50,000 160.000 8,000 Any difference between implied and book value relates to Goodwill. P Company uses the cost method to record its investment in S. S Company's income was earned evenly throughout the year. Calculate the amount of goodwill that will be reported on the December 31, 2017 consolidated financial statements, assuming no impairment