On April 1, 20X1, Paape Company Paid $950,000 for All

On April 1, 20X1, Paape Company paid $950,000 for all the issued and outstanding stock of Simon Corporation. The recorded assets and liabilities of the Simon Corporation on April 1, 20X1, follow: On April 1, 20X1, it was determined that the inventory of Simon had a fair value of $190,000, and the property and equipment (net) had a fair value of $560,000. What is the amount of goodwill resulting from the business combination?

A) $0
B) $120,000
C) $300,000
D) $230,000