Reference no: EM132193245

Question - On March 31, 2018, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $18,000,000 in cash. The book values and fair values of Barney's assets and liabilities were as follows:

Book Value Fair Value

Current assets $7,000,000 $8,500,000

Property, plant, and equipment 12,000,000 15,000,000

Other assets 1,100,000 1,600,000

Current liabilities 5,000,000 5,000,000

Long-term liabilities 7,000,000 6,500,000

Required: Calculate the amount paid for goodwill.