Arizona Corp. had the following account balances at 12/1/19:

• Receivables: $96,000; Inventory: $240,000; Land: $720,000; Building: $600,000; Liabilities: $480,000; Common stock: $120,000; Additional paid-in capital: $120,000; Retained earnings, 12/1/19: $840,000; Revenues: $360,000; and Expenses: $264,000.

Several of Arizona's accounts have fair values that differ from book value. The fair values are:

• Land $480,000; Building $720,000; Inventory $336,000; and Liabilities $396,000.

Inglewood Inc. acquired all of the outstanding common shares of Arizona by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000.

Arizona Corp.		Fill in the amount below.
		(Replace the ? Below with your answer)
Inglewood Fair Value Allocation Schedule
December 1, 2019
Payment by Inglewood ($66 fair value x 20,000 sh)		?
Book value of Arizona Corp. (assets - liabilities)*		1,176,000		Given to you in this case.
Excess of fair value over book value (difference between Payment and Book value)		?
Allocation to specific accounts between fair value and book value:
Inventory (undervalued)		?
Land (overvalued)		?
Building (undervalued)		?
Liabilities		?
Goodwill		?