On January 1, 2014, A company acquired 60% of the outstanding shares of B company by paying $1.2 Million in cash, the fair value of B's identifiable asset and liability is $2 million and $ 0.5 million respectively.
Requirements: Determine the following amounts at which A company should recognize goodwill from this business combination.
1) Using the proportionate share of acquired firm's net assets to measure non-controlling interest.
2) Using the fair value to measure no controlling interest.