On January 1, Shaheen Company spent a total of $4,898,000 to acquire control over Shimul Company. This price was based on paying $452,000 for 20 percent of Shimuls preferred stock and $4,446,000 for 90 percent of its outstanding common stock. At the acquisition date, the fair value of the 10 percent noncontrolling interest in Shimuls common stock was $494,000. The fair value of the 80 percent of Shimuls preferred shares not owned by Shaheen was $1,808,000. Shimuls stockholders equity accounts at January 1 were as follows:

Preferred stock9%, $100 par value, cumulative and participating; 10,000 shares outstanding	$ 1,000,000
Common stock$50 par value; 40,000 shares outstanding	2,000,000
Retained earnings	3,930,000
Total stockholders equity	$ 6,930,000

Shaheen believes that all of Shimuls accounts approximate their fair values within the companys financial statements. What amount of consolidated goodwill should be recognized? Clearly show your calculations.