Northern purchased the entire business of Southern including all its assets and liabilities for $686,000. Below is information related to the two companies: Fair value of assets Fair value of liabilities Reported assets Reported liabilities Net Income for the year Northern $1,043,000 566,000 801,000 493,000 41,000 Southern $797,000 310,000 647,000 255,000 51,000 How much goodwill did Northern pay for acquiring Southern? Multiple Choice $392,000. $199,000. $222,400. O $294,000