Crane Companys 12/31/21 balance sheet reports assets of $6880000 and liabilities of $2680000. All of Cranes assets book values approximate their fair value, except for land, which has a fair value that is $408000 greater than its book value. On 12/31/21, Cullumber Corporation paid $7008000 to acquire Crane. What amount of goodwill should Cullumber record as a result of this purchase?

a. $2808000

b. $2400000

c. $0

d. $128000