Talia International purchased 80% of Sila Company's outstanding common stock for $200,000 on January 2, 2019. At that time, the fair value of Sila's net assets were equal to the book values. The balance sheets of Talia and Sila at January 2, 2019 are summarized as follows: Talia Sila Assets $1,600,000 $470,000 $840,000 Liabilities $260,000 Capital stock 360,000 40,000 Retained earnings 400,000 175,000 Required: Determine the consolidated Goodwill or Gain on bargain of purchase 98765 Answer: Talia International purchased 80% of Sila Company's outstanding common stock for $200,000 on January 2, 2019. At that time, the fair value of Sila's net assets were equal to the book values. The balance sheets of Talia and Sila at January 2, 2019 are summarized as follows: Talia Sila Assets $1,600,000 $470,000 $840,000 Liabilities $260,000 Capital stock 360,000 40,000 Retained earnings 400,000 175,000 Required: Determine the consolidated Goodwill or Gain on bargain of purchase 98765