Firm B (Buyer) Agreed to Buy All the Outstanding Common

Firm B (buyer) agreed to buy all the outstanding common shares of firm S (seller). Relevant data for S at the time of the purchase: $\begin{array} { | l | l | } \hline \text { Total owners' equity } & \$ 10,000 \\\hline \text { Total market value of identifiable assets } & 50,000 \\\hline \text { Total market value of liabilities } & 20,000 \\\hline \text { Average earnings per year } & 20,000 \\\hline\end{array}$
The average rate of return for S's industry is 30%, based on net assets. B demands a 10% return on its investment, but allows the average rate of return to be applied to S's market value of net assets for purposes of computing goodwill. Any earnings in excess of the industry average are considered to extend for 5 years after purchase. How much did B pay for S's shares if the two parties agree to value goodwill at the present value of excess earnings over the industry average?