1.Lawler Clothing sold manufacturing equipment for $30,000. Lawler originally purchased the equipment for $94,000, and depreciation through the date of sale totaled $78,000.

What was the gain or loss on the sale of the equipment?

2. On March 31, 2016, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $18,800,000 in cash. The book values and fair values of Barney's assets and liabilities were as follows:

Book ValueFair ValueCurrent assets$7,800,000$9,300,000Property, plant, and equipment12,800,00015,800,000Other assets1,180,0001,680,000Current liabilities5,800,0005,800,000Long-term liabilities7,800,0007,300,000

Required:Calculate the amount paid for goodwill.