Chi Inc. acquires Psi Ltd. for $160,000,000 in cash and accounts for its investment as a merger. Psi’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$14,000,000	Liabilities	$75,000,000
Property, net	$90,000,000	Equity	$29,000,000
Total assets	$104,000,000	Total liabilities and equity	$104,000,000

The fair value of Psi’s current assets is $1,400,000 less than book value. The fair value of its property is $26,000,000 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 Chi report for this acquisition?