Northern purchased the entire business of Southern including all its assets and liabilities for $2,640,000 on December 31, 2021. Below is information related to the two companies at that date:

	Northern				Southern
Fair value of assets	$	4,620,000			$	3,520,000
Fair value of liabilities		2,310,000				1,320,000
Reported assets		3,520,000				2,860,000
Reported liabilities		2,200,000				1,100,000
Net Income for the year		264,000				220,000

How much goodwill did Northern pay for acquiring Southern?

a. $440,000

b. $1,320,000

c. $880,000

d. $660,000