Exercise 10-6 (Algo) Goodwill [LO10-1]

On March 31, 2024, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,200,000 in cash. The book values and fair values of Barneys assets and liabilities were as follows:

Book ValueFair ValueCurrent assets$ 6,200,000$ 7,700,000Property, plant, and equipment11,200,00014,200,000Other assets1,020,0001,520,000Current liabilities4,200,0004,200,000Long-term liabilities6,200,0005,700,000

Required:

Calculate the amount paid for goodwill.