On October 1, 2017, P Company purchased 80% of the common stock of S Company for $290,000, gaining effective control of S Company. Additional information for both companies for 2017 follows: P Company S Company Common stock 300,000 90,000 Other contributed capital 120,000 40,000 Retained Earnings, 1/1 240,000 50,000 Net Income 260,000 160,000 Dividends declared (10/31) 40,000 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 Companys 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.