On March 31, 2009, Wolfson Corporation acquired all of the outstanding common stock of barney Corporation for $17,000,000 in cash. The book values and fair values of barney's assets and liabilities were as follows:
Book value Fair value
current assets $6,000,000 7,500,000
Property,plant,and
equipment 11,000,000 14,000,000
other assets 1,000,000 1,500,000
Current liabilities4,000,000 4,000,000
long-term
liabilities 6,000,000 5,500,000
Calculate the amount paid for goodwill.
1 answer