40n January 1, Year 1, Billy's Bicycles acquired 70% of the equity of wheels Manufacturing, Inc. for $1,050,000. Wheels Manufacturing reported the following on its January 1, Year 1 balance sheet: 170,000 150,000 460,000 550,000 Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term debt Common stock Additional paid-in capital Retained earnings 80,000 350,000 400,000 150,000 350,000 The book values of Wheels' reported assets and liabilities were equal to fair value, except for land with a fair value $100,000 higher than book value and inventory with a fair value $80,000 higher than book value. On January 1, Year 1, Wheels had had developed patents that are valued at $200,000. Calculate the Goodwill to be reported on the January 1, Year 1 consolidated balance sheet under U.s GAAP? (Reference: Advanced Accounting)