Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $13,040,000 in cash. The book value of Smiths net assets (assets minus liabilities) was $9,500,000. 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	$	3,000,000		$	2,630,000
Property, plant, and equipment		9,700,000			11,270,000
Intangible assets		370,000			1,540,000

Required: Calculate the amount paid for goodwill.