Elizabeth Pie Company has been in business for 50 years and has developed a large group of loyal restaurant customers. Giant Bakery Incorporated has made an offer to buy Elizabeth Pie Company for $4,700,000. The book value of Elizabeth Pies recorded assets and liabilities on the date of the offer is $3,550,000 with a fair value of $4,100,000. Elizabeth Pie also (1) holds a patent for a pie crust fluting machine that the company invented (the patent with a fair value of $390,000 was never recorded by Elizabeth Pie because it was developed internally) and (2) estimates goodwill from loyal customers to be $320,000 (also never recorded by the company). If Elizabeth Pie Company management accepts Giant Bakery's offer of $4,700,000, compute the amount of goodwill that Giant Bakery should record on the date of the purchase.