On January 1, 2020, Portland Company acquired all of Salem Companys voting stock for $32,000,000 in cash. Some of Salems assets and liabilities at the date of purchase had fair values that differed from reported values, as follows: Book Value Fair Value Buildings and equipment, net (20 years, straight-line) $22,000,000 $6,000,000 Identifiable intangibles (5 years, straight-line) 0 20,000,000 Salems total shareholders equity at January 1, 2020, was $8,000,000. It is now December 31, 2023 (four years later). Salems retained earnings reflect the accumulation of net income less dividends; there have been no other changes in its retained earnings. Salem does not report any other comprehensive income. Cumulative goodwill impairment to the beginning of 2023