On January 1, 2020, Martin Inc. acquired a 60% interest in Lee Corp. Martin paid for the transaction with $4 million cash and 500,000 shares of Martin common stock (par value $1.00 per share). At the time of the acquisition, Lee's book value was $18,000,000.

On January 1, Martin stock had a market value of $16 per share and there was no control premium in this transaction. Any consideration transferred over book value is assigned to goodwill. Lee had the following balances on January 1, 2020.

	Book Value				Fair Value
Land	$	2,000,000			$	2,800,000
Buildings (5-year remaining life)		3,500,000				4,000,000
Equipment (6-year remaining life)		4,000,000				3,700,000

For internal reporting purposes, Martin employed the equity method to account for this investment.

Prepare a fair-value allocation and amortization schedule, including goodwill allocation.