Papa Inc. purchased 100% of the voting shares of Son Inc. for $1,000,000 on January 1, Year 3 . On that date, Son's commons stock and retained earnings were valued at $200,000 and $400,000 respectively. Papa uses the cost method to account for its investment in Son Inc. Assume tax rate is 40% for both Papa and Son. At the time of acquisition, Son's fair values, carrying values and tax bases are approximately the same except for equipment: What is the goodwill at the fime of aquisition? $340,000$260,000$300,000$400,000