On January 1, 2021, Chester Inc. acquired 100% of Festus Corp.'s outstanding common stock by exchanging 37,500 shares of Chester's $2 par value common voting stock. On January 1, 2021, Chester's voting common stock had a fair value of $40 per share. Festus' voting common shares were selling for $6.50 per share. Festus' balances on the acquisition date, just prior to acquisition are listed below. Book ValueFair Value Cash $ 30,000 $ 30,000 Accounts Receivable 120,000 $120,000 Inventory 200,000 230,000 Land 230,000 290,000 Building (net) 450,000 600,000 Equipment (net) 175,000 160,000 Accounts Payable (80,000) (80,000) Common Stock, $1 par (500,000) Paid-in Capital (350,000) Retained Earnings, 1/1/21 (275,000) Required: Compute the value of Goodwill resulting from the acquisition.