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

	Book Value	Fair Value
Accounts receivable	$ 1,300,000	$ 1,100,000
Land	1,200,000	1,500,000
Equipment	6,800,000	7,900,000
Patent	200,000	1,200,000
Accounts payable	1,700,000	1,700,000

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.