Alpha Inc. acquires Beta Ltd. for $60,000,000 in cash and accounts for its investment as a merger. Beta’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$4,000,000	Liabilities	$25,000,000
Property, net	$35,000,000	Equity	$14,000,000
Total assets	$39,000,000	Total liabilities and equity	$39,000,000

The fair value of Beta’s current assets is $400,000 less than book value. The fair value of its property is $6,000,000 less than book value. The book value of its liabilities approximates fair value. There are no unreported assets or liabilities.

Requirement: How much goodwill does Alpha report for this acquisition?