Exercise 7-6A Calculate the amount of goodwill (L07-2) Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $32,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities Book Value Fair Value $12,600,000 $15,600,000 25,200,000 31,200,000 4,200,000 5,200,000 8,000,000 8,000,000 15,000,000 14,000,000 Required: Calculate the amount paid for goodwill. (Enter your answer in millions (1.e. 5,000,000 should be entered as 5).) Amount paid for goodwill million Required information Exercise 7-17A Record the sale of equipment (L07-6) {The following information applies to the questions displayed below.) Abbott Landscaping purchased a tractor at a cost of $35,000 and sold it three years later for $17,500. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 1 Required: 1. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) comporta View transaction list Journal entry worksheet 1 Record the sale of equipment. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Required information Exercise 7-17A Record the sale of equipment (L07-6) [The following information applies to the questions displayed below.) Abbott Landscaping purchased a tractor at a cost of $35,000 and sold it three years later for $17,500. Abbott recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account Exercise 7-17A Part 2 2. Assume the tractor was sold for $10,900 instead of $17.500. Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet