On March 31, 2016, Wolfson Corporation acquired all of the outstanding common stock of Barney Cor… 1 answer below »

 
   

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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.