Exercise 7-6A Calculate the amount of goodwill (L07-2) Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $38,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Book Value Yair Value Current assets $11,000,000 $14,000,000 Property, plant, and equipment 30,000,000 36,000,000 Other assets 3,000,000 4,000,000 Current liabilities 7,400.000 7.400,000 Long-term liabilities 12,600,000 11,600,000 Required: Calculate the amount paid for goodwill, (Enter your answer in millions (l.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.) View transaction list Journal entry worksheet Record the sale of equipment Note: Enter debits before credits General Journal Transaction 1 Dabit Credit Record entry Clear entry View general Journal O 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 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 7-20A Calculate impairment loss (L07-8) The following information applies to the questions displayed below.) Midwest Services, Inc, operates several restaurant chains throughout the Midwest. One restaurant chain has experienced sharply declining profits. The company's management has decided to test the operational assets of the restaurants for possible impairment. The relevant information for these assets is presented below. Book value Estimated total tuture cash flow Fair value $7.8 million 6.2 million 5.0 million Exercise 7-20A Part 1 Required: 1. Determine the amount of the impairment loss, if any, (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Impairment loss million ! Required information Exercise 7-20A Calculate impairment loss (L07-8) [The following information apples to the questions displayed below.) Midwest Services, Inc. operates several restaurant chains throughout the Midwest. One restaurant chain has experienced sharply declining profits. The company's management has decided to test the operational assets of the restaurants for possible impairment. The relevant information for these assets is presented below. Book value Estimated total future cash flows Fair value $7.8 million 6.2 million 5.0 million Exercise 7-20A Part 2 2. Determine the amount of the impairment loss, if any, assuming that the estimated total future cash flows are $9.0 million and the fair value is $7.2 million. (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Impairmont loss million