Northern purchased the entire business of Southern including all its assets and liabilities for $600,000. Below is information related to the two companies: Northern SouthernFair value of assets$1,050,000 $800,000Fair value of liabilities 575,000 300,000Reported assets 800,000 650,000Reported liabilities 500,000 250,000Net Income for the year 60,000 50,000How much goodwill did Northern pay for acquiring Southern?
A. $300,000.
B. $100,000.
C. $150,000.
D. $200,000.
Answer: B
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