Lee Company is contemplating the purchase of the net assets of Min Company for P800,000 cash. To contemplate the transactin, direct acquisition costs are P15,000.

Lee Company is contemplating the purchase of the net assets of Min Company for P800,000 cash.  To contemplate the transactin, direct acquisition costs are P15,000.  The balance sheet of Min Company on the purchse date is as follows: Min Company Balance Sheet December 31, 2020 Assets Liabilities & Equity Current Assets                          80,000                                          Liabilities                                                  100,000 Land                                         50,000                                          Common Stock, P10 par                           100,000 Building                                   450,000                                         Paid-in capital in excess of par                 150,000 Accumulated Depreciation     (200,000)                                       Retained Earnings                                      230,000 Equipment                               300,000 Accumulated Depreciation     (100,000) Total                                      P580,000                                      Total                                                         580,000 The following fair values were obtained for Min’s assets and liabilities: Current Assets                        100,000                                         Equipment                                                275,000 Land                                         75,000                                         Liabilities                                                   102,000 Building                                   300,000 Determine the goodwill that resulted from the business combination?

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