Alpha Company is considering the purchase of Beta Company. Alpha has collected the following data about Beta: Beta Company Estimated Book Values Market Values Total identifiable assets $589,600 $799,500 Total liabilities 294,300 348,700 Owners’ equity $295,300 Cumulative total net cash earnings for the past five years of $884,400 includes extraordinary cash gains of $62,600 and nonrecurring cash losses of $49,900. Alpha Company expects a return on its investment of 12%. Assume that Alpha prefers to use cash earnings rather than accrual-based earnings to estimate its offering price, and that it estimates the total valuation of Beta to be equal to the present value of cash-based earnings (rather than excess earnings) discounted over five years.