Upsilon Corp acquires Phi Ltd. for $150,000,000 in cash and accounts for its investment as a merger. Phi’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$13,000,000	Liabilities	$70,000,000
Property, net	$85,000,000	Equity	$28,000,000
Total assets	$98,000,000	Total liabilities and equity	$98,000,000

The fair value of Phi’s current assets is $1,300,000 less than book value. The fair value of its property is $24,000,000 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 Upsilon report for this acquisition?