TB MC Qu. 7-86 Northern purchased the entire business of Southern including.. Northern purchased the entire business of Southern including all its assets and liabilities for $645.7 750. 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 $1,047,000 574,000 814,000 484, eee 56,eee Southern $792,000 313,000 637,eee 268, eee 55, eee How me goodwill did Northern pay for acquiring Southern