Iota Inc. acquires Kappa Ltd. for $100,000,000 in cash and accounts for its investment as a merger. Kappa’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$8,000,000	Liabilities	$45,000,000
Property, net	$60,000,000	Equity	$23,000,000
Total assets	$68,000,000	Total liabilities and equity	$68,000,000

The fair value of Kappa’s current assets is $800,000 less than book value. The fair value of its property is $14,000,000 less than book value. The book value of its liabilities approximates fair value. There are no unreported assets or liabilities.

Requirement: How much goodwill does Iota report for this acquisition?