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.