On January $1,2$XX$9,$ Excellent Entertainment Co$.$ purchased Cheap Movies Inc. for $$2,600,000.$ On that date the net assets of Cheap Movies Inc. had a book

value of $$1,280,000,$ and book values were equal to fair values with the following exceptions:

During $2$XX$9,$ Excellent Entertainment Co$.$ had income from its own operations of $$880,000$ and Cheap Movies Inc. had net income of $$320,000.$

What amount of goodwill appeared on the consolidated balance sheet at December $31,2$XX$9?$

Select one:

a$.$ $$0$

b$.$ $$1,320,000$

c$.$ $$760,000$

d$.$ $$560,000$