Summer 20 Company acquired 100% of the voting common stock of Towel, Corp on January 1, 2020. Book and fair values as of January 1, 2020 are below. Assume that Summer 20 issued 11,000 shares of common stock with a $5 par value and a $50 fair value to obtain all of Towel's outstanding stock. In this acquisition transaction, how much consolidated goodwill should be recognized? Show and label all work for credit. Summer 20 Book Value Towel Corp Book Value Towel Corp Fair Value Retained Earnings 1/1/20 Cash and Receivables $245,000 $255,000 $170,000 Inventory $225,000 $80,000 $70,000 $180,000 $210,000 Land $280,000 $220,000 $250,000 Buildings (net) $480,000 Equipment (net) $120,000 Liabilities $650,000 $90,000 $440,000 $420,000 $250,000 $270,000 $90,000 Common Stock $360,000 $85,000 Additional Paid in Capital $20,000 $40,000