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Hodgson Company's December 31, 2014 balance sheet reports assets of $8,500,000 and liabilities of $4,500,000. All of Hodgson's book values approximate their fair value, except for land, which has a fair value that is $500,000 greater than its book value. On December 31, 3014, Motley Corporation paid $10,500,000 to acquire Hodgson. What amount of goodwill should Motley record as a result of this purchase?

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