Salem Co. had the following account balances as of December 1, 2012: 
Bellington Inc. transferred $1.7 million in cash and 12,000 shares of its newly issued $30 par value common stock (valued at $90 per share) to acquire all of Salem's outstanding common stock.
Determine the balance for Goodwill that would be included in a December 1, 2012, consolidation.
Definitions:
Financial Statements
Summaries that detail a company's financial operations and status, incorporating the balance sheet, income statement, and statement of cash flows.
Net Sales
The amount of sales revenue remaining after deducting returns, allowances for damaged or missing goods, and discounts.
Average Total Assets
The average value of all assets owned by a company over a period, typically calculated by combining the beginning and ending values for a period and dividing by two.
Asset Turnover
A ratio that determines the competence of an organization in using its assets to generate income from sales.
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