Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $12,080,000 in cash. The book value of Smiths net assets (assets minus liabilities) was $8,700,000. 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	$	2,200,000		$	1,910,000
Property, plant, and equipment		8,900,000			10,390,000
Intangible assets		290,000			1,380,000

Required: Calculate the amount paid for goodwill.