Fowler Manufacturing Company decided to expand further by purchasing Abel Company. The balance sheet of Abel Company as of December 31, 2007 was as follows:

Abel Company, Balance Sheet, December 31, 2007
Assets		Liabilities & Equity
Cash	$210,000	Accounts payable	$325,000
Receivables	$450,000	Common stock	$800,000
Inventory	$275,000	Retained earnings	$835,000
Property, plant & equipment	$1,025,000
Total Assets	$1,960,000	Total Liabilities & Equity	$1,960,000

An appraisal, agreed to by the parties, indicated that the fair market value of the inventory was $425,000 and that the fair market value of the plant assets was $1,175,000. The fair market values of all other assets and liabilities are equal to the amounts reported on the balance sheet. The agreed purchase price was $2,400,000, and this amount was paid in cash to the previous owners of Abel Company. Determine the amount of goodwill (if any), and show the journal entry that Fowler Manufacturing Company would post to record the transaction.