Portland Limited bought 55% of the ordinary shares in Blue Bay Limited on 1 November 2019.The share capital of Blue Bay Limited consisted 3,000,000 ordinary shares of $1 each. The market price of a share in Portland Limited at the acquisition date was $5.60. The value of NonControlling interest was $3.20 per share at acquisition. The purchase consideration consisted of the following: 4. An exchange of two (2) shares in Portland Limited for every five (5) shares in Blue Bay Limited 5. The remainder of the purchase consideration was satisfied by cash payment of $5,000,000, due in two (2) years. The appropriate discount rate is 12%. REQUIRED: If the net assets of Blue Bay Limited at the day of acquisition was $15,000,000, calculate the goodwill acquired by Portland Limited.