ABC Company acquired XYZ Company in January 2020, through an exchange of common shares. All of XYZ's assets and liabilities were immediately transferred to ABC, which reported total par value of shares outstanding $218,400, and $327,600 and additional paid-in capital in excess of par $370,000 and $650,800 immediately before and after the business combination respectively.

Required:

a. Assuming the ABC common stock had a market value of $25 per share at the time of exchange, what number of shares was issued?

b. Assuming XYZs identifiable assets had a fair value of $476,000and its liabilities had a fair value of $120,000, what amount of goodwill did ABC record at the time of the business combination?