Northern Company acquired Southern Company. The purchase price included all Southern$$s assets and liabilities and was in the amount of $$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 $575,000300,000$

Reported assets $800,000650,000$

Reported liabilities $500,000250,000$

Net income for the year $60,00050,000$

How much goodwill will Northern record in its acquisition of Southern?

A$)$ $$100,000$

B$)$ $$300,000$

C$)$ $$200,000$

D$)$ $$150,000$