Net income figures for Bramble Ltd. are as follows:

2016-$76,900

2017-$55,400

2018-$84,900

2019-$88,300

2020-$71,800

Future income is expected to continue at the average amount of the past five years. The company's identifiable net assets are appraised at $466,000 on December 31, 2020. The business is to be acquired by Sheffield Corp. in early 2021. The normal rate of return on net assets for the industry is 7%.

(a) What amount should Sheffield Corp. pay for goodwill, and for Bramble Ltd. as a whole, if goodwill is equal to average excess earnings capitalized at 25%?

(b) What amount should Sheffield Corp. pay for goodwill, and for Bramble Ltd. as a whole, if a perpetual 18% return is expected on any amount paid for goodwill?(Round answers to 0 decimal places, e.g. 5,275.)

(c) What amount should Sheffield Corp. pay for goodwill, and for Bramble Ltd. as a whole, if goodwill is equal to five years of excess earnings?(Round answers to 0 decimal places, e.g. 5,275.)

(d) What amount should Sheffield Corp. pay for goodwill, and for Bramble Ltd. as a whole, if goodwill is equal to the present value of five years of excess earnings capitalized at 20%?(Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275