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 the book value of Solar's net assets?

Select one:

A. $570,000

B. $250,000

C. $1,120,000

D. $870,000