On January 1, Gallatin Brothers acquired 100% of Converse Systems for $7,050,000. The book value of Converse's net assets on the date of acquisition was $7,080,000. However, a detailed appraisal of Converse's net assets revealed that its net assets were undervalued by $1,050,000. Determine the amount of goodwill or gain from a bargain purchase to be recorded on the acquisition and indicate where it should be reported on the consolidated financial statements. Determine the amount of goodwill or gain from a bargain purchase to be recorded on the acquisition. (Use a minus sign or parentheses to enter a bargain purchase gain.) Less: