On 12 January 2021. U Ltd acquired 70% of the shares in P Ltd. Consideration took the form of shares with a fair value of $200,000 and cash of $500,000. Incidental costs relating to the acquisition were $50.000. The fair value of the non-controlling interest was estimated to be $310,000. On 12 January 2021. the owners' equity of P Ltd comprised: Share capital : 600,000 Retained earnings : 200,000 Revaluation surplus : 100,000 900,000 Required: Using the proportionate goodwill method, the amount to be recorded for goodwill (gain on bargain purchase) at acquisition date is: A. 20000 B. 70000 C. 40000 D. 120000