QUESTION 3 (6 Marks: 11 Minutes) The following information was extracted from the general ledger balances of the Knock Shop as at 30 September 2020: Knock Shop Trial balance as at 30 September 2020 R Land and buildings at cost 90 000 Furniture at cost 60 000 Inventories 825 000 Trade receivables 30 000 Bank 45 000 On 1 October 2020, the partners of The Knock Shop agreed to sell their entire business to Right on Top Shop for R1 200 000 cash. Right on Top Shop considers the fair value of inventory to be R950 000, and brands to be worth R55 000. Right on Top Shop also believes that a provision for bad debt of 10% must be provided for trade receivables. REQUIRED: Calculate the goodwill acquired by Right on Top Shop on 1 October 2020. (6 Marks)