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Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $13,280,000 in...

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Accounting

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Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $13,280,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $9,700,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Receivables Property, plant, and equipment Intangible assets Book Value $3,200,000 9,900,000 390,000 Fair Value $ 2,810,000 11,490,000 1,580,000 Required: Calculate the amount paid for goodwill. Goodwill

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