On January 1,2018,Bast Co Fisher Coacquired All of the Outstanding Preferred Shares for $148,000 and as Follows

Essay

On January 1,2018,Bast Co.had a net book value of $2,100,000 as follows:
$\begin{array}{|l|r|}\hline \begin{array}{l}\text { Preferred stock, } \\\text { cumulative, nonparticipating, nonvoting }\end{array} & \$ 140,000 \\\hline \text { Common stock, 22,400 shares } \$ 50 \text { par value } & 1,120,000 \\\hline \text { Retained earnings } & \underline{840,000} \\\hline \text { Total shareholders' equity } & \$ 2,100,000 \\\hline\end{array}$

Fisher Co.acquired all of the outstanding preferred shares for $148,000 and 60% of the common stock for $1,281,000.Fisher believed that one of Bast's buildings,with a twelve-year life,was undervalued on the company's financial records by $70,000.
Required:
What is the amount of goodwill to be recognized from this purchase?