On 1 July 2015, Candy Ltd acquired all of the issued shares of Sweet Ltd. As part of the settlement, Candy Ltd agreed to pay $3,800,000 on 1 July 2015 and $1,650,000 payable on 1 July 2016. The appropriate discount rate was 10% per annum. Candy Ltd also issued 950,000 shares in Candy Ltd to the shareholders in Sweet Ltd. At the acquisition date, the fair value of the ordinary shares in Candy Ltd was $2.80 and the fair value of the ordinary shares in Sweet Ltd was $5.00. Sweet Ltd's shareholders' equity on 1 July 2015 consisted of the following: Issued capital Retained earnings $4,000,000 $1,200,000 At 1 July 2015, all of Sweet Ltd's net assets were recorded at fair value, except the following items: Land Plant Carrying Amount $2,000,000 $1,440,000 Fair Value $2,700,000 $1,800,000 Sweet Ltd purchased the land on 1 July 2012 for $2,000,000. The land was sold for $3,300,000 on 1 June 2018. Sweet Ltd purchased the plant for $1,600,000. On 1 July 2015, the plant had an estimated useful life of 10 years with zero residual value. Sweet Ltd is depreciating the asset straight-line over its useful life. There is no change to the estimated useful life of the plant at the date of acquisition. Both Candy Ltd and Sweet Ltd use the cost model for the valuation of assets, so any fair value adjustments will be completed as consolidation adjustments. The company income tax rate is 30% Fill in the blank. DO NOT include commas and dollar sign ($) in your answer. Present $1,000 as 1000. Round to the nearest whole number. Required: Based on the information provided, the goodwill should be recorded at the date of acquisition is: