Parent purchased the entire business of Sub including all its assets and liabilities for $2,880,000 on December 31, 2021. Below is information related to the two companies at that date: Parent Sub $5,040,000 $3,840,000 Fair value of assets Fair value of liabilities Reported assets Reported liabilities Net Income for the year 2,520,000 3,840,000 2,400,000 1,440,000 3,120,000 1,200,000 288,000 240,000 How much goodwill did Parent pay for acquiring Sub? Multiple Choice $1,440,000. $480 000