M$9-12($Algo$)$ Computing Goodwill and Patents $[$LO $9-6]$

Taste$-$T Company has been in business for $30$ years and has developed a large group of loyal restaurant customers. Down Home

Foods made an offer to buy Taste$-$T Company for $$6,600,000.$ The market value of Taste$-$T$\text{'}$s tangible assets, net of liabilities, on the

date of the offer is $$5,900,000.$ Taste$-$T also holds a patent for a fluting machine that the company invented $($the patent with a market

value of $$350,000$ was never recorded by Taste$-$T because it was developed internally$).$

Required:

How much has Down Home Foods included for intangibles in its offer of $$6,600,000?$

Assuming Taste$-$T accepts this offer, which company will report Goodwill on its balance sheet and at what amount?