On January 1, Year 2, Neal Co. issued 100,000 shares of its $10 par value common stock in exchange for all of Frey, Inc's outstanding stock. The fair value of Neal's common stock on that date was $21 per share. The carrying amounts and fair values of Frey's assets and liabilities on January 1, Year 2, were as follows:
Carrying Amount Fair Value
Cash $240,000 $240,000
Receivables $270,000 $270,000
Inventory $435,000 $516,000
PPE $1,305,000 $1,322,000
Liabilities -$525,000 -$489,000

Net assets: $1,725,000

What is the amount of goodwill resulting from the business combination?