On May 31, 2001, Cole Co paid $3,500,000 to acquire all of the common stock of Hale Corporation, which became a division of Armstrong. Hale reported the following balance sheet at the time of the acquisition:
- Current assets $900,000
- Noncurrent assets 2,700,000
- Total assets $3,600,000
- Current liabilities $600,000
- Long-term liabilities 500,000
- Stockholder's equity 2,500,000
- Total liabilities and S/E $3,600,000
It was determined at the date of purchase that the fair value of the total assets of Hall was $3,900,000.
Compute the amount of goodwill recognized if any on May 31, 2001.