Huey Company acquires $100\%$ of the stock of Solar Corporation on January $1,2019,$ for $$2,400,000$ cash. As of that date Solar had the following account balances:

Book Value

Fair value

Cash

$$630,000$

$$630,000$

Accounts receivable

$775,000$

$775,000$

Inventory

$350,000$

$400,000$

Building$-$net $(10$ year life$)$

$1,000,000$

$900,000$

Equipment$-$net $(5$ year life$)$

$300,000$

$400,000$

Land

$600,000$

$900,000$

Accounts Payable

$125,000$

$125,000$

Bonds Payable $($Face amount $$1,000,000,$ due $12/31/2023)$

$2,000,000$

$2,050,000$

Common stock

$500,000$

Additional paid$-$in capital

$250,000$

Retained earnings

$780,000$

In $2019$ and $2020,$ Solar had net income of $$250,000$ and $$240,000,$ respectively. In addition, Solar paid dividends of $$16,000$ in both years. Inventory is assumed to be sold in $2019.$ Assume straight line amortization$/$ depreciation for assets and bonds payable.

What was the amount of excess of acquisition price over book value of Solar's net assets?

Select one:

A$.$

$$250,000$

B$.$

$$570,000$

C$.$

$$870,000$

D$.$

$$1,120,000$