On May 31, 2015, Armstrong Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Armstrong. Hall reported the following balance sheet at the time of the acquisition: Current assets Noncurrent assets 2,700,000 Long-term liabilities $ 900,000 Current liabilities $ 600,000 500,000 Stockholder's equity 2,500,000 $3,600,000 Total liabilities and Total assets $3,600,000 stockholder's equity It was determined at the date of the purchase that the fair value of the identifiable net assets of Hall was $2,800,000. At December 31, 2015, Hall reports the following balance sheet information: $ 800,000 Current assets Noncurrent assets (including goodwill recognized in purchase) 2,400,000 Current liabilities Long-term liabilities Net assets (700,000) 500,000 $2,000,000 It is determined that the fair value of the Hall division is $2,200,000. The recorded amount for Hall's net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value of $200,000 above the carrying value. (a) Compute the amount of goodwill recognized, if any, on May 31, 2015. Amount of goodwill