Required information Salem Co. had the following account balances as of December 1, 2017: Inventory Land $ 720,000 600,000 Buildings-net (valued at $1,200,000) Common stock ($10 par value) 1,080,000 960,000 Retained earnings, December 1, 2017 1,320,000 Revenues Expenses 720,000 600,000 Bellington Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value common stock (valued at $90 per share) to acquire all of Salem's outstanding common stock. Determine the balance for Goodwill that would be included in a December 1, 2017, consolidation.