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University of Notre DameACCT 304 Huang Inc has 50,000 shares of $3 par value stock outstanding

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University of Notre DameACCT 304

Huang Inc has 50,000 shares of $3 par value stock outstanding. Ouyang Inc acquired 10,000 of Huang's shares on Jan 1, 20X1, for $100,000 when Huang's net assets had a total fair value of $400,000. On July 1, 20X1, Ouyang bought an additional 20,000 shares for $12 per share. Although Huang's shares were selling in the $11 range around July 1, 20X1. If Huang's identifiable net assets had fair value of $550,000 at July 1, 20X1,

how much goodwill should Ouyang Report in the consolidated statement?