Residual Income Calculation for Green Leaf Industries

Green Leaf Industries has reported the following financial information for the last fiscal year:

- Net income: $1,200,000

- Book value of equity at the beginning of the year: $8,000,000

- Required rate of return: 10%

To calculate the intrinsic value of the company's equity using the Residual Income Valuation method, which of the following amounts would represent the residual income for the year?