The Big Ltd acquired 100% of Small Ltd on 1 July 2022. Big Ltd for this acquisition pays following in consideration to the Small Ltd:

Cash $140,000

Plant and equipment Carrying amount $600,000 (fair value $1,100,000)

Additional information:

The Big Ltd. also incurred $70,000 in the legal charges in acquiring the Small Ltd.

On 1 July 2022, the Small Ltd presented total assets at $1,200,000 (fair value 1,600,000) and liabilities of $600,000.

Required:

Calculate any goodwill, if any, acquired by Big Ltd in this acquisition. (Show all calculations and workings)