Pi Corp acquires Rho Ltd. for $130,000,000 in cash and accounts for its investment as a merger. Rho’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$11,000,000	Liabilities	$60,000,000
Property, net	$75,000,000	Equity	$26,000,000
Total assets	$86,000,000	Total liabilities and equity	$86,000,000

The fair value of Rho’s current assets is $1,100,000 less than book value. The fair value of its property is $20,000,000 less than book value. The book value of its liabilities approximates fair value. There are no unreported assets or liabilities.

Requirement: How much goodwill does Pi report for this acquisition?