Carla Industries net income for the last five years, average earnings, and fair value of identifiable assets are as follows

Earnings History				Fair Values, December 3, 2020
2015		$131,000		Cash		$64,000
2016		153,000		Accounts Receivables		113,000
2017		154,000		Inventory		92,000
2018		123,000		Property, Plant & Equipment		216,000
2019		145,000		Land		97,000
Total for 5 years		$706,000		Liabilities		92,000
				Fair value of identifiable net assets		$490,000

The return on investment of an average firm in the same industry is 20%. Excess earnings are capitalized at a discount rate of 20% in perpetuity.

Estimate the value of goodwill using the total-earnings approach.

Value of Goodwill

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