Branch Corporation purchased 30 percent of Hardy Company's common stock on January 1, 20X5, and paid $28,000 above book value. The full amount of the additional payment was attributed to amortizable assets with a life of eight years remaining at January 1, 20X5. During 20X5 and 20X6, Hardy reported net income of $110,000 and $20,000 and paid dividends of $50,000 and $40,000, respectively. Branch uses the equity method in accounting for its investment in Hardy and reported a balance in its investment account of $161,000 on December 31, 20X6.

Required 

Compute the amount paid by Branch to purchase Hardy shares.