Lee Corp. owned the following assets when it came out of a Chapter 11 bankruptcy: Inventory – Book value $215,000; fair value $180,000 Land --- Book value $95,000; fair value $160,000 Buildings ---...

Lee Corp. owned the following assets when it came out of a Chapter 11 bankruptcy:

Inventory – Book value $215,000; fair value $180,000

Land --- Book value $95,000; fair value $160,000

Buildings --- Book value $330,000; fair value $345,000

Equipment --- Book value $410,000; fair value $215,000.

Lee Corp. had a fresh start reorganization value of $1,250,000.

Required:

What amount of goodwill should have been recognized in recording the reorganization?