Branch Corporation purchased 30 percent of the common stock of Hardy Company on January 1, 20X5, and paid \(\$ 28,000\) above book value. The full amount of the additional payment was attributed to amortizable assets with a life of eight years remaining at January 1, 20X5. During 20X5 and 20X6. Hardy reported net income of \(\$ 110,000\) and \(\$ 20,000\) and paid dividends of \(\$ 50,000\) and \(\$ 40,000\), respectively. Branch Corporation uses the equity method in accounting for its investment in Hardy and reported a balance in its investment account of \(\$ 161,000\) on December 31, 20X6.

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Compute the amount paid by Branch to purchase the shares of Hardy Company.