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Calculate the amount paid for goodwill

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Question: On March 31, 2016, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $19,000,000 in cash. The book values and fair values of Barney's assets and liabilities were as follows:


 Book Value Fair Value
  Current assets $ 8,000,000
$ 9,500,000
  Property, plant, and equipment
13,000,000

16,000,000
  Other assets
1,200,000

1,700,000
  Current liabilities
6,000,000

6,000,000
  Long-term liabilities
8,000,000

7,500,000

Required: Calculate the amount paid for goodwill.

Reference no: EM131760269

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