Bee Shoes Inc recently acquired 75% of Tony Shoes Corp for $1,500,000. Below is a summary of

the balance sheet for Tony Shoes Corp at the date of acquisition.

Tony Shoes Corp - Summarised Balance Sheet (US$)
	Book Value	Market Value
Fixed assets (net)	2,678,000	2,425,000
Inventory	347,000	325,000
Other assets	869,000	875,000
Total assets	3,894,000
Liabilities	2,166,000
Shareholders equity	1,728,000
Total liabilities and shareholders equity	2,094,000

Tony shoes Corp also has the rights to their brand name which have not been previously recognised on their balance sheet. The estimated fair market value of the brand name is $400,000.

Required:

Calculate the value of the goodwill resulting from the acquisition of Tony Shoes Corp by Bee Shoes Inc.