On January 1, 20X1, Saturday Co. Acquires 80% of the outstanding voting shares of Sunny Co. Sunny's identifiable assets and liabilities have fair values of 3,400,000 and 1,700,000 respectively. Relevant information follows:

• Saturday Co. agrees to pay Sunny's former owners 2,000,000 cash, half of which is to be paid on January 1, 20X1, while the other half will be paid in five equal annual installments starting December 31, 20X1. The current market rate of interest on January 1, 20X1 is 12%.
• Saturday also agrees to provide a technical know-how to be used in Sunny's operations after the business combination. The technical know-how has a fair value of 200,000.
• Saturday opts to measure the non-controlling interest at the NCI's propotionate share in Sunny's net identifiable assets.

How much is the goodwill (gain on bargain purchase)?