On November 30, Year 1, Parlor, Inc. purchased for cash at $15 per share all 250,000 shares of the outstanding common stock of Shaw Co. At November 30, Year 1, Shaw's balance sheet showed a carrying amount of net assets of $3,000,000. At that date, the fair value of Shaw's property, plant and equipment exceeded its carrying amount by $400,000. In its November 30, Year 1, consolidated balance sheet, what amount should Parlor report as goodwill under U.S. GAAP? $750,000 $400,000 $350,000 $0