Foxx Corporation acquired all of Greenburg Companys outstanding stock on January 1, 2019, for $776,000 cash. Greenburgs accounting records showed net assets on that date of $555,000, although equipment with a 10-year remaining life was undervalued on the records by $171,000. Any recognized goodwill is considered to have an indefinite life. Greenburg reports net income in 2019 of $95,500 and $132,500 in 2020. The subsidiary declared dividends of $20,000 in each of these two years.