The owners of Tellmart Shoe Store are contemplating selling the business. The cumulative earnings for the past five years amounted to $900,000, including a loss on discontinued operation of $30,000 and an unusual non-recurring gain of $18,000. You have done some initial research on the shoe industry and discovered that the normal rate of return on identifiable net assets is 12%. The company's identifiable net assets were appraised at $1,000,000. After analyzing such variables as the stability of past earnings, the nature of the business, and general economic conditions, you have decided that the average excess earnings should be capitalized at 16%. What is your estimate of goodwill for this company using the excess earnings valuation approach? Please use the space below to provide you solutions to the required in the question. Please enter any percents needed for your calculations in the green shaded area.