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S has the following equity balance
At 1 jan 2011 At 31 Dec 2011
Equity($1)share capital $300000 $300000
Share premium $150000 $150000
Retained earnings $100000 $160000P acquired 80% of the equity share capital of S on 1 Jan 2011 for $600000. Fair value of non-controlling interest at acquisition is $200000
At the date of acquisition the carrying value of S’s assets were approximately equal to their book values with one exception of some land that has a market value of $50000 but it is currently carried at $40000 in S’s financial statement.
Calculate the goodwill arising on acquisition of S
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