Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018:

PenskeStanzaRevenues$(700,000)$(400,000)Cost of goods sold250,000100,000Depreciation expense150,000200,000Investment incomeNot given0Dividends declared80,00060,000Retained earnings, 1/1/18(600,000)(200,000)Current assets400,000500,000Copyrights900,000400,000Royalty agreements600,0001,000,000Investment in StanzaNot given0Liabilities(500,000)(1,380,000)Common stock(600,000)($20 par)(200,000)($10 par)Additional paid-in capital(150,000)(80,000)

Note: Parentheses indicate a credit balance.

On January 1, 2018, Penske acquired all of Stanza's outstanding stock for $680,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition copyrights (with a six-year remaining life) have a $440,000 book value but a fair value of $560,000.

As of December 31, 2018, what is the consolidated balance to be reported for goodwill?

How is this calculated?