Theta Corp acquires Lambda Ltd. for $90,000,000 in cash and accounts for its investment as a merger. Lambda’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$7,000,000	Liabilities	$40,000,000
Property, net	$55,000,000	Equity	$22,000,000
Total assets	$62,000,000	Total liabilities and equity	$62,000,000

The fair value of Lambda’s current assets is $700,000 less than book value. The fair value of its property is $12,000,000 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 Theta report for this acquisition?