IOU Inc Purchased All of the Outstanding Common Shares of UNI

Multiple Choice

IOU Inc. purchased all of the outstanding common shares of UNI Inc. for $800,000. On the date of acquisition, UNI's assets included $2,000,000 of Inventory, and Land with a book value of $120,000.UNI also had $1,400,000 in liabilities on that date. UNI's book values were equal to their fair market values, with the exception of the company's Land, which was estimated to have a fair market value which was $50,000 higher than its book value.
How much goodwill would be created by IOU's acquisition of UNI?

A) $30,000
B) $50,000
C) $80,000
D) Nil