Z, an entity based in the USA, presents its financial statements in US dollars, On 1 January 20X8, Z purchased 80% of the ordinary share capital of B. B's functional currency is the Euro (€) and the 80% investment cost €20 million. The fair value of the net assets of B at the date of acquisition was €19 million. The fair value of the non-controlling interests at 1 January 20X8 was €4.2 million. There has been no impairment in goodwill since acquisition. Z measures non-controlling interests at full fair value at acquisition.

The relevant exchange rates are as follows:

Calculate (to the nearest $1,000) the value of goodwill that will appear on the consolidated statement of financial position of Z as at 31 December 20X8.