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Backstreets Company recently acquired all of Jungleland Incorporateds net assets in a business acquisition. The...

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Accounting

Backstreets Company recently acquired all of Jungleland Incorporateds net assets in a business acquisition. The cash purchase price was $6.8 million. Junglelands assets and liabilities had the following appraised values immediately prior to the acquisition: land, $1.7 million; buildings, $3.4 million; inventory, $2.2 million; long-term notes payable, for which Backstreets Company assumes payment responsibilities, $1.5 million.

Required: How much goodwill will result from this transaction?

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