ZEBRA Manufacturing Corp. decided to expand further by purchasing the net assets of ART Manufacturing Corp. ART's statement of financial position at December 31, 2020 follows.

ART MANUFACTURING CORP.

Statement of Financial Position

December 31, 2020

AssetsLiabilities and Equities

Cash............................................$210,000Accountspayable.........................$ 325,000

Receivables.................................450,000Commonshares..............................800,000

Inventory.....................................275,000Retainedearnings........................835,000

Plant assets(net).........................1,025,000

Totalassets.................................$ 1,960,000Totalequities.............................$ 1,960,000

An appraisal, agreed to by both parties, indicated that the fair value of the inventory was $ 320,000 and the fair value of the plant assets was $ 1,225,000. The fair value of the receivables and payables is equal to the amount reported on the balance sheet. The agreed purchase price was $ 3.1 million, and this amount was paid in cash to the owners of ART.

Instructions

Calculate the amount of goodwill (if any) implied in the purchase price of $ 3.1 million.