Lamichael Company purchased 100 percent of the outstanding voting shares of Darrell Corporation in the open market for $200,000 cash and Darrell was merged into Lamichael Company. On the date of acquisition, the fair value of Darrell Corporation's property and equipment was $310,000 and the fair value of its long-term debt was $150,000. Darrell has no other assets or liabilities. What amount of goodwill would Lamichael record related to the purchase of Darrell Corporation?
a. No goodwill should be recorded by Lamichael.
b. $260,000
c. $110,000
d. $40.000
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