Conglomerate P Inc. purchased 87% of the voting shares of S Inc for $1,174,077 cash on January 1, Year 2. The purchase agreement had a clause for a contingent consideration depending on S's market share price. Management believes $40,000 represents the present value of the contingent consideration payable in two years.

On that date, Ss Common Stock and Retained Earnings were valued at $ 100,000 and $393,527 respectively.

Ss fair values approximated its carrying values with the following exceptions:

• The trademark had a fair value which was $121,673 higher than its carrying value.
• Equipment had a fair value $83,573 lower than its carrying value.

For Consolidation P Co. uses the Fair Value Enterprise method.

What is the Goodwill amount at the time of acquisition?