Salem Co Had the Following Account Balances as of December 1

Essay

Salem Co. had the following account balances as of December 1, 2012: $\begin{array}{lr}\text { Inventory } & \$ 720,000 \\\text { Land } & 600,000 \\\text { Buildings - net (valued at } \$ 1,200,000) & 1,080,000\\\text { Common stock (\$10 par value) } & 960,000 \\\text { Retained earnings, December 1, 2012 } & 1,320,000 \\\text { Revenues } & 720,000 \\\text { Expenses } & 600,000\end{array}$ Bellington Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value common stock (valued at $90 per share) to acquire all of Salem's outstanding common stock.
Determine the balance for Goodwill that would be included in a December 1, 2012, consolidation.