To add to his growing chain of grocery stores, On January 1, 2015, Chris Allen bought a grocery store of a small competitor for $560,000. An appraiser assessed the market value of the assets acquired as follows: land, $200,000; building, $150,000; equipment, $250,000. A review of the financial statements of the competitor shows total liabilities of $75,000 on the date of the purchase. The journal entry on Allens books to record this purchase would include a:

A. credit to Goodwill of $40,000

B. debit to Goodwill of $40,000

C. debit to Building of $140,000

D. debit to Building of $152,500

E. debit to Goodwill of $35,000

Please select the correct letter choice.