Northern purchased the entire business of Southern including all its assets and liabilities for $960,000 on December 31, 2021. Below is information related to the two companies at that date: Northern Southern Fair value of assets Fair value of $1,680,000 $1,280,000 840,000 480,000 liabilities Reported assets 1,280,000 1,040,000 Reported 800,000 400,000 liabilities Net Income for 96,000 80,000 the year How much goodwill did Northern pay for acquiring Southern?