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Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Penske Stanza Revenues $ (832,000 ) $ (424,000 )

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

Penske Stanza
Revenues $ (832,000 ) $ (424,000 )
Cost of goods sold 296,200 106,000
Depreciation expense 227,000 390,000
Investment income Not given 0
Dividends declared 80,000 60,000
Retained earnings, 1/1/18 (614,000 ) (326,000 )
Current assets 570,000 698,000
Copyrights 920,000 501,000
Royalty agreements 626,000 1,160,000
Investment in Stanza Not given 0
Liabilities (606,000 ) (1,885,000 )
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 Stanzas outstanding stock for $874,000 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 $598,000 book value but a fair value of $700,000.

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

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