1. P acquired 100% of the shares of S for $800,000. Following is some selected information from the balance sheet of S:

   	Book Value $	Fair Value $
   Inventory	100,000	120,000
   Land	250,000	300,000
   Building	450,000	500,000
   Accounts Payable	150,000	150,000
   Common Stock	400,000	-
   Retained Earnings	250,000	-

   What amount of goodwill will be reported in the consolidated balance sheet?

   		$0
   		$30,000
   		$120,000
   		$150,000