On January 1, 2021, Jackie Corp. purchased 30% of the voting common stock of Rob Co., paying $2,000,000. Jackie properly accounts for this investment using the equity method. At the time of the investment, Rob's total stockholders' equity was $3,000,000. Jackie gathered the following information about Rob's assets and liabilities whose book values and fair values differed: Book Value Fair Value Buildings (15-year life) Equipment (5-year life) $ 1,000,000 $ 1,500,000 2,500,000 3,000,000 Franchises (10-year life) $ $ 500,000 Any excess of cost over fair value was attributed to goodwill, which has not been impaired. Rob Co. reported net income of $300,000 for 2021, and paid dividends of $100,000 during that year. What is the amount of the excess of purchase price over book value?