On April 1, 2016, Paape Company Paid $950,000 for All

On April 1, 2016, 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, 2016, follow:
$$\begin{array} { l r } \text { Cash } & \$ 80,000 \\\text { Inventory } & 240,000 \\\text { Property and equipment (net of accumulated depreciation of } \$ 320,000 ) & 480,000 \\\text { Liabilities } & ( 180,000 ) \end{array}$$ On April 1, 2016, 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