City Infrastructure Holdings Ltd (CIH) acquired 100% of the 300,000 issued shares in Network Maintenance Services (NMS) on 1 July 2021

. The consideration provided to shareholders of NMS consisted of $1.20 in cash plus 1 share in CIH for each share held. The fair value of the CIH shares on the date of acquisition was $1.50. At the date of acquisition the records of NMS included the following information:

Share Capital $300,000.00

General Reserve $30,000.00

Retained Earnings $410,000.00

All of the assets and liabilities in the records of NMS were considered to be fairly valued at the acquisition date with the exception of Equipment.

On the acquisition date the equipment, which originally cost $496,000, was three years old and had a carrying value of $310,000. The fair value was $400,000. The group will depreciate the equipment over the remaining five years of its original eight year life. Benefits are expected to be received evenly across that period. The expected residual value is zero.

Intragroup Transactions during the year ended 30 June 2022 During the year CIH lent NMS $400,000.

The loan is on an interest only basis with interest paid on 30 June each year for the five year term. NMS used the funds to partially fund the purchase of vacant land on which it built industrial premises. NMS's operations are now run from these premises

. NMS did not own any land or buildings prior to the acquisition date.

The balance of the cost of land and construction were drawn from NMS's cash account. NMS records interest paid on the loan from CIH as Finance Expenses. These were the only finance expenses incurred by NMS during the year

. During the year, NMS paid an interim dividend of $8000. The company has declared a further dividend at the end of the 2022 financial year which will be paid in September 2022. CIH did not receive dividends from any other sources during the year. 50% of the service revenue generated by NMS is for maintenance services provided to CIH. $13,000 of this had not been paid at the end of June. CIH provides HR and Payroll services to NMS.

They charge NMS $2,000 a month for this service. A review of the accounts provided shows that CIH had not raised an invoice for the services provided in June 2022 and the cost had not been accrued in the accounts of NMS.

CIH records the service fees in "Other Revenue", while NMS records the cost in "Administration Expenses". CIH sold equipment to NMS on 31 December 2021 for $90,000. The equipment was originally purchased by CIH on 1 July 2020 for $102,000.

It had an expected life of 6 years with zero residual value. At the date of sale the carrying value in CIH's books was $76,500

. NMS has recorded depreciation of $10,000 for the period based on the transfer value and the remaining useful life of 4.5 years using the straight line method.

Neither CIH nor NMS had recorded income tax payable for the current year.

The income tax payable for the year ended 30 June 2022 is $122,000 for CIH and $21,900 for NMS. G

oodwill and other assets have not been impaired during the year

. The tax rate is 30%.

question: what is the amount of goodwill?