Salem Co

$.$

$$had the following account balances as of December

$1$

$,$

$2020$

: Inventory $

$720$

$,$

$000$

$$Land $

$600$

$,$

$000$

$$Buildings

$-$

$$Net

$($

valued at $

$1$

$,$

$200$

$,$

$000)1$

$,$

$080$

$,$

$0000$

$$Common Stock

$($

$

$10$

$$par value

$)960$

$,$

$000$

$$Retained earnings, December

$1$

$,$

$20201$

$,$

$320$

$,$

$000$

$$revenues

$720$

$,$

$000$

$$Expenses

$600$

$,$

$000$

$$Assume that Bellington paid cash of

$2\mathrm{.}8$

$$million and no stock is issued. Also asssume that

$50$

$,$

$000$

$$is paid in direct combination costs. For goodwill, determine what balance would be included un a Decmber

$1$

$,$

$2020$

$$consolidation as a result of the acquisition