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GOODWILL CALCULATION: On May 1, 2011, Company P paid $1,200 for 80% of the outstanding common stock of Company S in a transaction properly accounted...

GOODWILL CALCULATION:
On May 1, 2011, Company P paid $1,200 for 80% of the outstanding common stock of Company S in a transaction properly accounted for as an acquisition. The recorded assets and liabilities of Company S on May 1, 2011 are:

Cash: $100
Inventory: $200, Fair Value $220
Prop & Equip: $800, Fair Value $1200
Liabilities: ($160)

What was the amount of goodwill that resulted?

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