On January 1, 2021, Archie Co. acquired 80% of the equity interests of Aleman, Inc. in exchange for cash. Because the former owners of Aleman needed to dispose of their investments in Aleman by a specified date, they did not have sufficient time to market Aleman to multiple potential buyers. As of January 1, 2021, Aleman's identifiable assets and liabilities have fair values of ₱4,800,000 and ₱1,600,000, respectively. Archie Co. elects the option to measure non-controlling interest at fair value. An independent consultant was engaged who determined that the fair value of the 20% non-controlling interest in Aleman, Inc. is ₱620,000. If Archie Co. paid ₱4,000,000 cash as consideration for the 80% interest in Aleman, Inc., how much is the goodwill (gain on bargain purchase) on the business combination?

a.800,000

b.1,420,000

c.2,060,000

d.1,440,000