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Item $4$

Time Remaining $1$ hour $39$ minutes $11$ seconds

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Elizabeth Pie Company has been in business for $50$ years and has developed a large group of loyal restaurant customers. Giant Bakery Incorporated has made an offer to buy Elizabeth Pie Company for $$5,700,000.$ The book value of Elizabeth Pie$$s recorded assets and liabilities on the date of the offer is $$4,650,000$ with a fair value of $$5,200,000.$ Elizabeth Pie also $(1)$ holds a patent for a pie crust fluting machine that the company invented $($the patent with a fair value of $$335,000$ was never recorded by Elizabeth Pie because it was developed internally$)$ and $(2)$ estimates goodwill from loyal customers to be $$282,000($also never recorded by the company$).$

If Elizabeth Pie Company management accepts Giant Bakery's offer of $$5,700,000,$ compute the amount of goodwill that Giant Bakery should record on the date of the purchase.