On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney...
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Accounting
On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $18,700,000 in cash. The book values and fair values of Barneys assets and liabilities were as follows:
Book Value
Fair Value
Current assets
$
7,700,000
$
9,200,000
Property, plant, and equipment
12,700,000
15,700,000
Other assets
1,170,000
1,670,000
Current liabilities
5,700,000
5,700,000
Long-term liabilities
7,700,000
7,200,000
Required: Calculate the amount paid for goodwill.
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