Cloud Co obtained a 60% holding in the 100,000 $1 shares of Mist Co on 1 January 20X8, when the retained earnings of Mist Co were $850,000. Consideration comprised $250,000 cash, $400,000 payable on 1 January 20X9 and one share in Cloud Co for each two shares acquired. Cloud Co has a cost of capital of 8% and the market value of its shares on 1 January 20X8 was $2.30.Cloud Co measures non-controlling interest at fair value. The fair value of the non-controlling interest at 1 January 20X8 was estimated to be $400,000.What was the goodwill arising on acquisition?