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Tinsel Co has 5 million $1 issued ordinary shares. At 1 May 20X0 Fairy Co purchased 60% of Tinsel Co' $1 ordinary shares for $4000000.

Tinsel Co has 5 million $1 issued ordinary shares. At 1 May 20X0 Fairy Co purchased 60% of Tinsel Co' $1 ordinary shares for $4000000. At that date Tinsel Co had net assets with a fair value of $4750000 and a share price of $110. Fairy Co valued the non controlling interest in Tinsel Co at acquisition as $2200000. What is the total goodwill on acquisition at 1 May 20X0?

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