E2-5 Excess of investment over book value On January 1, Henry PLC purchased 5,000 out of 20,000 of Atah PLC’s outstanding common stock for $29,000,000.

Atah PLC shareholders’ equity for the period was $100,000,000 at that date. The information regarding the difference between the book value and the fair value of Atah PLC’s assets and liabilities on January 1 was as follows:

■ Inventory (sold in the current year) was overvalued by $4,000,000.

■ Equipment with a remaining useful life of 10 years was undervalued by $24,000,000.

■ Notes payable due in 5 years was undervalued by $8,000,000.

REQuIRED: Calculate goodwill from Henry PLC’s investment in Atah PLC.