On January $1,2013,$ Piper Company acquired an $80\%$ interest in Sand Company for $$2,271,100.$ At that time the common stock and retained earnings of Sand Company were $$1,821,100$ and $$730,500,$ respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows:

$\backslash$table$[[,\backslash$table$[[$Fair Value in Excess$],[$of Book Value$]]],[$Inventory$,$$$44,800$