Northern purchased the entire business of Southern including all its assets and liabilities for $2,400,000 on December 31, 2021. Below is information related to the two companies at that date: Northern Southern Fair value of assets $ 4,200,000 $ 3,200,000 Fair value of liabilities 2,100,000 1,200,000 Reported assets 3,200,000 2,600,000 Reported liabilities 2,000,000 1,000,000 Net Income for the year 240,000 200,000 How much goodwill did Northern pay for acquiring Southern?