Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,550,000 in cash. The book values and fair values of Pioneers assets and liabilities were

	Book Value	Fair Value
Receivables	700,000	600,000
Property, plant and equipment	4,050,000	4,750,000
Intangible Assests	120,000	650,000
Liabilities	(800,000)	(800,000)
Net assets	4,070,000	5,200,000

1.) Calculate the amount paid for goodwill