Tech Corp acquires Innovate Ltd. for $50,000,000 in cash and accounts for its investment as a merger. Innovate’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$3,000,000	Liabilities	$20,000,000
Property, net	$30,000,000	Equity	$13,000,000
Total assets	$33,000,000	Total liabilities and equity	$33,000,000

The fair value of Innovate’s current assets is $300,000 less than book value. The fair value of its property is $5,000,000 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 Tech report for this acquisition?