The following are the condensed Statement of Financial Position of Asfund and Ahmed on 1 Jan 2020:

	Asfund	Ahmed
Total Assets	$11,250,000	$4,057,500
Liabilities	$3,775,000	$900,000
Ordinary Shares	3,000,000	2,550,000
Share Premium	1,780,000	50,000
Retained Earnings	3,120,000	950,500

LUMS Corp. acquired the net assets of both Asfund and Ahmed paying cash in the amount of $200,000 and issuing 200,500 shares to Asfund. Paying cash in amount $90,000 and by issuing 75,350 shares to Ahmed. The par value of these shares is $35/share and market value as of January 1, 2020 is $40/share.

LUMS retained earnings has a balance of $10,750,000 om 1 January 2020 immediately before the acquisition.

As a result of the merger, compute the following:

• Goodwill and/or Gain on Bargain Purchase for Asfund and Ahmed.