Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,600,000 in cash. The book value of Smiths net assets (assets minus liabilities) was $8,300,000. 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	$	1,800,000		$	1,550,000
Property, plant, and equipment		8,500,000			9,950,000
Intangible assets		250,000			1,300,000

Required: Calculate the amount paid for goodwill.