Northern purchased the entire business of Southern including all its assets and liabilities for $720,000 on December 31, 2021. Below is information related to the two companies at that date: Northern Southern Fair value of assets Fair value of liabilities Reported assets Reported liabilities $1,260,000 $960,000 690,000 360,000 960,000 780,000 600,000 300,000 Net Income for the 72,000 60,000 year How much goodwill did Northern pay for acquiring Southern