Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $12,680,000 in cash. The book value of Smiths net assets (assets minus liabilities) was $9,200,000. 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	$	2,700,000		$	2,360,000
Property, plant, and equipment		9,400,000			10,940,000
Intangible assets		340,000			1,480,000

Required: Calculate the amount paid for goodwill.