On January 1, Richard Company acquired all the net assets of Ulmer Company by issuing bonds with a face value and fair value of $500,000 and cash of $300,000. The fair values of Ulmer's identifiable net assets equaled their book values, except for buildings and equipment, which had a fair value of $120,000 greater than book value. Balance sheets for the two companies immediately preceding the acquisition were as follows:

Richard Co. Ulmer Co.
Cash $400.000 $150,000
Buildings & Equipment $700,000 $400,000
Accumulated Depreciation $(300,000) $(150,000)
Other Identifiable Assets $100,000 $200,000
Total Assets $900,000 $600,000

Liabilities $200,000 $100,000
Common Stock $400.000 $300,000
Additional Paid-In Capital $160,000 $100,000
Retained Earnings $140,000 $100,000
Total Liabilities and Equity $900,000 $600,000

Based on the information given above, the amount of Goodwill to be recognized in connection with the merger is:

A. 0
B. $180,000
C. $200,000
D. $300,000