Cheers Acquired 100% of Tapp's Shares for $144,000

Multiple Choice

$\begin{array}{|l|r|r|r}\hline& \text { Cheers Co } & \text { Tapp Ltd } & \underline{\text { Tapp Ltd }} \\&\text { Book Value } & \text { Book Value } & \underline{\text { Fair Value }} \\\hline\text { Current assets } & \$ 512,000 & \$ 62,400 & \$ 65,600 \\\hline \text { Net capital assets } & \underline{448,000} & \underline{97,600} & \underline{110,400} \\\hline & \$ \underline{960,000} & \$ \underline{160,000} & \\\hline \text { Current liabilities } & \$ 96,000 & \$ 12,800 & 12,800 \\\hline \text { Long-term debt } & 288,000 & 35,200 & 40,000 \\\hline \text { Share capital } & 320,000 & 64,000 & \\\hline \text { Retained earnings } & \underline{256,000} & \underline{48,000} & \\\hline & \$ \underline{\underline{960,000}} & \$ \underline{160,000} & \\\hline\end{array}$ Cheers acquired 100% of Tapp's shares for $144,000. The condensed statements of financial position for Cheers and Tapp are given above, as well as the fair values of Tapp's assets and liabilities on the acquisition date. What is the amount of the goodwill on the acquisition?

A) $0
B) $11,200
C) $20,800
D) $32,000