RB Holdings Ltd. purchased the net assets of Herbert BBQ Ltd. in early January 2020 for $7,216,000. RB Holdings had appraisals conducted which indicated that the fair values of the assets purchased and liabilities assumed were as follows:

Inventory		$1,197,000
Buildings		792,000
Equipment		1,254,000
Patent		328,000
Accounts payable		375,000
Bank loan payable		599,000

The patent acquired has 15 years remaining in its useful life. RBs management determined that it would contribute to the generation of revenues for 8 years after which it would be obsolete. Determine the amount of goodwill RB Holdings acquired in the purchase.

Goodwill

$

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Prepare the journal entry to record the amortization of the patent for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit