Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,720,000 in cash. The book value of Smiths net assets (assets minus liabilities) was $8,400,000. 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	$	1,900,000		$	1,640,000
Property, plant, and equipment		8,600,000			10,060,000
Intangible assets		260,000			1,320,000

Calculate the amount paid for goodwill.