Ravenclaw purchased the entire business of Hufflepuff 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: Ravenclaw Hufflepuff $4,620,000 $3,520,000 Fair value of assets Fair value of liabilities Reported assets Reported liabilities Net Income for the year 2,310,000 3,520,000 1,320,000 2,860,000 1,100,000 2,200,000 264,000 220,000 How much goodwill did Ravenclaw pay for acquiring Hufflepuff