1.Snoopy Inc. is considering purchasing the net assets of Woodstock Corporation. Following is the statement of financial position of Woodstock as at December 31, 2020.

WOODSTOCK CORPORATION

Statement of Financial Position

As at December 31, 2020

Current assets

$ 231,400

Buildings and equipment

753,000

Accumulated amortization

(113,000)

Land

173,000

Total assets

$ 1,044,400

Current liabilities

$ 187,000

Common shares

577,000

Retained earnings

280,400

Total liabilities and equity

$ 1,044,400

Following are the fair values of Woodstock's net assets as at December 31, 2020.

Current assets

$ 225,500

Buildings and equipment

482,600

Land

313,500

Current liabilities

(166,300)

$ 855,300

Instructions

Calculate the value of goodwill that would be recorded by Snoopy if it offered $ 2,060,300 for the net assets of Woodstock Corporation.