Emcor and Fleming are all-equity firms. Emcor has 58,000 shares outstanding at a market price of $74.70 a share while Fleming has 18,000 shares outstanding at a price of $44.50 a share. Emcor is acquiring Fleming for $925,000 in cash. The incremental value of the acquisition is $203,000. What is the net present value of acquiring Fleming to Emcor?

		$203,000
		$124,000
		$79,000
		$164,000
		$97,000