Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $13,400,000 in cash. The book value of Smiths net assets (assets minus liabilities) was $9,800,000. The fair values of all of Smiths assets and liabilities were equal to their book values with the following exceptions:

	Book Value			Fair Value
Receivables	$	3,300,000		$	2,900,000
Property, plant, and equipment		10,000,000			11,600,000
Intangible assets		400,000			1,600,000

Required:

Calculate the amount paid for goodwill.