Xi Inc. acquires Omicron Ltd. for $120,000,000 in cash and accounts for its investment as a merger. Omicron’s balance sheet at the date of acquisition is as follows:

Assets	Amount	Liabilities and Equity	Amount
Current assets	$10,000,000	Liabilities	$55,000,000
Property, net	$70,000,000	Equity	$25,000,000
Total assets	$80,000,000	Total liabilities and equity	$80,000,000

The fair value of Omicron’s current assets is $1,000,000 less than book value. The fair value of its property is $18,000,000 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 Xi report for this acquisition?