X Corporation purchased a 45% interest in the common stock of Y Company for $3,500,000 on January 1, 2016, when the book value of Ivy's net stockholder's equity was $7,000,000. Y's book values equaled their fair values except for the following items:

Book Fair

Value Value Difference

Inventories $450,000 $600,000 $ 150,000

Land 100,000 450,000 350,000

Building-net 400,000 200,000 (200,000)

Equipment-net 350,000 400,000 50,000

Required:

Calculate the FMV of the assets at the time of purchase and goodwill, then prepare a schedule to allocate any excess purchase cost to identifiable assets and goodwill.