Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,280,000 in cash. The book values and fair values of Steinbecks assets and liabilities were the following:

	Book Value	Fair Value
Accounts receivable	$ 1,370,000	$ 1,170,000
Land	1,270,000	1,570,000
Equipment	6,870,000	7,970,000
Patent	270,000	1,270,000
Accounts payable	1,770,000	1,770,000

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.