On September 1, 2020, Marigold Corporation acquired Tunneling Limited for a cash payment of $930,400. At the time of purchase, Tunneling’s statement of financial position showed assets of $784,700, liabilities of $464,000, and owners’ equity of $320,700. The fair value of Tunneling’s assets is estimated to be $1,160,000.

Calculate the amount of goodwill acquired by Marigold.

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