City Co. acquired all the assets and liabilities of Lily Co. on January 1, 20X7 by issuing 10,000 of its $10 par common shares. On that date, City Co. common stock was selling for $50 per share. Balance sheet information for Lily is below (book value equals fair value unless otherwise stated):

Cash	$500
Accounts Receivable	17,000
Inventory	78,500
Buildings & Equipment	451,000 (Fair Value $460,000)
Accumulated Depreciation	230,000
Accounts Payable	8,500
Bonds Payable	100,000
Capital Stock ($50 par)	250,000
Retained Earnings	(41,500)

What is the goodwill that will be recorded for this business combination?