Northern purchased the entire business of southern, Financial Accounting

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Northern purchased the entire business of southern

Northern purchased the entire business of Southern including all its assets and liabilities for $665,000. Below is information related to the two companies: Northern Southern Fair value of assets $1,050,000 $794,000 Fair value of liabilities 576,000 319,000 Reported assets 801,000 637,000 Reported liabilities 493,000 257,000 Net Income for the year 43,000 67,000

How much goodwill did Northern pay for acquiring Southern?

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Financial Accounting: Northern purchased the entire business of southern

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