Myer Limited acquired the net assets and contingent liabilities of Jones Limited for a purchase consideration of $700 000. Jones Limited's net assets and contingent liabilities at fair value were: total assets $740 000; total liabilities $200 000; and contingent liabilities $50 000. The amount of goodwill to be recognised by Myer Limited when recording the business combination is: Select one:

a. $210 000

b. $40 000

c. $160 000

d. $260 000