Northern purchased the entire business of Southern including all its assets and liabilities for $600,000. Below is information related to the two companies: Northern Southern Fair value of assets $ 1,050,000 $ 800,000 Fair value of liabilities 575,000 300,000 Reported assets 800,000 650,000 Reported liabilities 500,000 250,000 Net Income for the year 60,000 50,000 How much goodwill did Northern pay for acquiring Southern
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