On July 31,2014,Mason Company Purchased for $4,000,000 Cash All of the Outstanding

Multiple Choice

On July 31,2014,Mason Company purchased for $4,000,000 cash all of the outstanding common stock of Turquoise Company when Turquoise's balance sheet showed net assets of $3,200,000.Turquoise's assets and liabilities had fair values different from the book values as follows:

As a result of the transaction,what amount will be shown as goodwill in the July 31,2014,consolidated balance sheet of Mason Company and its wholly owned subsidiary,Turquoise Company?

A) $350,000
B) $250,000
C) $750,000
D) $800,000