Assume a parent company acquires its subsidiary by paying $1,400,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have individual fair values that equal their book values, except for property equipment with a fair value greater than book value by $150,000 and license with a fair value greater than book value by $250,000. The parent and subsidiary have the following balance sheets immediately after the acquisition, but before any pushdown adjustments by the subsidiary: Parent Sub
Current Assets $60,000 $10,000
Fixed Assets (net) $100,000 $60,000
Total Assets $160,000 $70,000
Current Liabilities $42,000 $35,000
Bonds Payable $20,000 $12,000
Common Shares $90,000 $12,000
Retained Earnings $8,000 $11,000
Total Liabilities and Equity $160,000 $70,000

Required:
Compute the amount of goodwill implicit in the acquisition of the subsidiary.