Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2010, for $3,800 cash. As of that date Hurley has the following trial balance: Debit Credit Cash $500 Accounts Receivable 600 Inventory 800 Buildings (net) (5 year life) 1,500 Equipment (net) (2 year life) 1,000 Land 900 Accounts Payable $400 Long-term liabilities (due 12/31/13) 1,800 Common Stock 1,000 Additional paid-in capital 600 Retained earnings 1,500 Total $5,300 $5,300 Net income and dividends reported by Hurley for 2010 and 2011 follow: 2010 2011 Net income $100 $120 Dividends 30 40 The fair value of Hurley's net assets that differ from their book values are listed below: Fair Value Inventory $900 Buildings 1,200 Equipment 1,250 Land 1,300 Long-term liabilities 1,700 Any exess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2012, for $3,800 cash. As of that date Hurley has the following trial balance; chart Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. FIFO inventory valuation method is used. Compute goodwill, if any, at January 1, 2012.