What is goodwill?

a. An intangible asset representing the excess of consideration transferred over the collective fair values of the net identifiable assets acquired in a business combination

b. An expense that an acquiring firm recognizes for the excess of consideration transferred over the collective fair values of the net identifiable assets acquired in a business combination

c. A concept representing synergies resulting from a business combination but not recognized for financial reporting purposes

d. An internally developed intangible asset that is recognized on a business firm’s balance sheet as the business generates profits in excess of a normal rate of return on its identifiable net assets