Tinyton Company acquired 70% of Lauderdale Corporation for $3,300,000

Subject:AccountingPrice:2.86 Bought7

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Tinyton Company acquired 70% of Lauderdale Corporation for $3,300,000. The total fair value of Lauderdale' identifiable net assets was $3,650,000. The book value of Lauderdale' land and equipment were undervalued by $100,000. The equipment had a ten-year useful life. The book value of Lauderdale' other assets and liabilities were equal to fair value.

Required:  Determine the amount of goodwill associated with Tinyton Company's purchase of Lauderdale Corporation.