Elizabeth Pie Company has been in business for 30 years and has developed a large group of loyal restaurant customers. Vaclav's Foods made an offer to buy Elizabeth Pie Company for \(\$ 5,000,000\). The carrying amount of Elizabeth Pie's recorded assets and liabilities on the date of the offer is \(\$ 4,400,000\), with a market value of \(\$ 4,600,000\). Elizabeth Pie holds a patent for a pie crust-fluting machine that the company invented (the patent, with a market value of \(\$ 200,000\), was never recorded by Elizabeth Pie because it was developed internally). The company estimates goodwill from loyal customers to be \(\$ 300,000\) (also never recorded by the company). Should Elizabeth Pie Company management accept Vaclav's Foods' offer of \(\$ 5,000,000\) ? If so, compute the amount of goodwill that Vaclav's Foods should record on the date of the purchase.