Mateo Corporation purchased all of the outstanding common stock of Shackelford Corporation for $2,500,000 in cash. The book value of Shackelford's net assets was $1,100,000. The fair values of all of Shackelford's assets and liabilities were equal to their book values with the following exceptions: Receivables with book value of $600,000 but fair value of $400,000; Property, plant and equipment with book value of $2,000,000 but fair value of $2,800,000; Intangible assets with book value of $100,000 but fair value of $360,000. The amount paid for goodwill would be: $540,000 $440,000 $1,400,000 $340,000