On January 1, 2020, Paris Corp. purchased 25% of the voting common stock of Towel Co. paying $2,100,000. Paris Corp will use the equity method to account for this investment.

On the investment date, Towel's total stockholders' equity was $7,000,000. For all other assets and liabilities, book value and fair value were equal.

Any excess of cost over fair value was attributed to goodwill, which has not been impaired. Based on the following, what is the amount attributed to goodwill?

Description	Book Value	Fair Value	Difference
Buildings (10 year life)	$500,000	$600,000	$100,000
Equipment (5 year life)	$1,100,000	$1,300,000	$200,000
Franchises (8 year life)	$0	$300,000	$300,000