Blue Sky Company's 12/31/21 balance sheet reports assets of $7000000 and liabilities of $2800000. All of Blue Sky's assets' book values approximate their fair value, except for land, which has a fair value that is $420000 greater than its book value. On 12/31/21, Horace Wimp Corporation paid $7140000 to acquire Blue Sky. What amount of goodwill should Horace Wimp record as a result of this purchase?
a. $140000
b. $2940000
c. $0
d. $2520000
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