Northern Company acquired Southern Company. The purchase price included all Southerns assets and liabilities and was in the amount of $651,000. Below is information related to the two companies: Northern Southern Fair value of assets $1,053,000 $782,000 Fair value of liabilities 572,000 308,000 Reported assets 811,000 638,000 Reported liabilities 481,000 266,000 Net income for the year 56,000 69,000 How much goodwill will Northern record in its acquisition of Southern? Multiple Choice $279,000 $177,000 $372,000 $177,300

Northern Company acquired Southern Company. The purchase price included all Southern's assets and liabilities and was in the amount of $651,000. Below is information related to the two companies: How much goodwill will Northern record in its acquisition of Southern? Multiple Choice $279,000 $177,000 $372,000 $177,300