The Hoover Company acquired the Burgess Company for $1,200,000 cash. The fair value of Burgess's assets was $1,040,000, and the company had liabilities of $60,000. Which of the following choices would reflect the purchase on Hoover's financial statements?

a

Burgess assets 1,040,000 Goodwill 220,000 Cash 1,200,000 Burgess liabilities 60,000

b

Burgess assets 1,040,000 Burgess liabilities 60,000 Goodwill 100,000 Cash 1,200,000

c

Burgess assets 1,040,000 Goodwill 160,000 Cash 1,200,000

d

Burgess assets 1,200,000 Cash 1,200,000