On January 1, Tesco Company spent a total of $4,332,000 to acquire control over Blondel Company. This price was based on paying $471,000 for 20 percent of Blondels preferred stock and $3,861,000 for 90 percent of its outstanding common stock. At the acquisition date, the fair value of the 10 percent noncontrolling interest in Blondels common stock was $429,000. The fair value of the 80 percent of Blondels preferred shares not owned by Tesco was $1,884,000. Blondels 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		3,370,000
Total stockholders equity	$	6,370,000

Tesco believes that all of Blondels accounts approximate their fair values within the companys financial statements. What amount of consolidated goodwill should be recognized?