On August 1, 2017, Western Corporation acquired Orbit, Inc. for a cash payment of $2.20 million. At the time of purchase, Orbit’s balance sheet showed assets of $4,400,000, liabilities of $2,650,000, and owners’ equity of $1,750,000. The fair value of Orbit’s identifiable assets is estimated to be $4,300,000.

Compute the amount of goodwill acquired by Western.

Value assigned to goodwill