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On January 1, 2019, Tampa Co. issued 60,000 shares of its $1 par value common stock and transferred $250,000 in cash for all of Kansas

On January 1, 2019, Tampa Co. issued 60,000 shares of its $1 par value common stock and transferred $250,000 in cash for all of Kansas Company's outstanding common stock. Tampa's common stock has a $20 per share fair value at the date of the transaction.

On the acquisition date, Kansas reported total equity of $1,100,000. The book values of Kansas' reported net assets on the acquisition date approximated their fair values, except for land that was undervalued by $80,000.

The transaction was a taxable transaction under the Internal Revenue Code. As part of the acquisition, Tampa contracted with the selling Kansas Co. stockholders to pay (on April 1, 2020) an additional $200,000 in cash if 2019 consolidated net income is greater than $700,000. The fair value of this provision is $140,000 on January 1, 2019.

The following costs in relation to the acquisition were incurred by Tampa on January 1, 2019.

1. Printer's and underwriting fees in relation to the common stock issued of $15,000 and

2. Finder's and due diligence fees to effect the business combination of $22,000.

The 2019 consolidated net income, excluding the effect of contingent consideration and costs in relation to the acquisition, was $900,000.

Required: Determine the amount of Goodwill that should be reported on Tampa's consolidated balance sheet immediately after this business combination and enter it in the space provided.

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