Jernigan Corp. had the following account balances:
Receivables $96,000
Inventory $240,000
land $720,000
Building $600,000
Liabilities ($480,000)
Common Stock ($120,000)
Additional paid in capital ($120,000)
Retained Earnings Beginning ($840,000)
Revenue ($360,000)
Expense $264,000
Several of Jernigan's accounts have fair values that differ from book value:
Land $480,000
Building $720,000
Inventory $336,000
Liabilities ($396,000)
Inglewood Inc. obtained all of the outstanding common shares of Jernigan by issuing 20,000 shares of common stock having a $6 par value, but a $66 fair value. Stock issuance costs amounted to $12,000. How much goodwill will be recorded from this transaction?