Newman Company's 12/31/X1 balance sheet reports assets of $9,000,000 and liabilities of $3,750,000. All of Newman's assets' book values approximate their fair value, except for land, which has a fair value that is $600,000 greater than its book value. On 12/31/X1, Hatcher Corporation paid $9,150,000 to acquire Newman. What amount of goodwill should Hatcher record as a result of this purchase?