On July 8th, 2013 LVMH purchased 80% of Loro Piana (luxury Italian cashmere brand) for $2.8 billion. The fair value of Loro Pianas identifiable assets and liabilities on that date were as follows:

Million $

Current Assets 500

Brand 1,500

Fixed Assets 1,000

Liabilities 1,300

The remaining 20% interest remained in Loro Piana familys hands. Part I - Required: 1. LVMH applied the proportionate share method to account for its acquisition of Loro Piana. How much noncontrolling interest and goodwill did LVMH recognize on July 8th, 2013?