Burleigh Ltd has purchased 100% of Palm Beach Ltd for a cash payment of $800,000. The legal costs to complete the purchase were $3,000. An extract from the statement of financial position from Palm Beach Ltd shows a carrying amount of the total assets of $656,000. Additional information show that the land and buildings of Palm Beach Ltd have a fair value that is $100,000 higher than the reported carrying amount. The Accounts Receivables have a fair value of $20,000 instead of the $25,000 reported carrying amount. The fair value of the total liabilities is $200,000. What is the amount of purchased Goodwill that Burleigh Ltd will record on the balance sheet? $249,000 $49,000 $344,000 $551,000