Assume the following information for a company that you are going to value using the Excess Earnings approach to valuation:

• Tangible assets = $2,468,000
• Goodwill = $1,532,000
• Tangible Assets should generate a return of 12%
• The company reported $500,000 of Net Income

Compute the excess earnings generated by the company (presumably from goodwill and intangibles). Compute to the second decimal place.