Bullen Inc. acquired 100% of the voting common stock of Vicker Inc. on January 1, 2011. The book value and fair value of Vicker's accounts on that date (prior to creating the combination) follow, along with the book value of Bullen's accounts:

Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value to obtain all of Vicker's outstanding stock. In this acquisition transaction, how much goodwill should be recognized?
A. $144,000
B. $104,000
C. $64,000
D. $60,000
E. $0

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Bullen Book Vicker Book Vicker Fair Value Value Value Retained Earnings $250,000 $240,000 1/1/11 $70,000 70,000 Cash and Receivables 170,000 Inventory 230,000 170,000 210,000 Land 280,000 220,000 240,000 Buildings (net) 270,000 480,000 240,000 120,000 90,000 Equipment (net) 90,000 420,000 Liabilities 650,000 430,000 Common Stock 360,000 80,000 20,000 Additional Paid-in 40,000 capital