Imagine Incorporated acquired Carol Company in 20X5. Neither company has ever been a part of any prior acquisition, but Carol Company has developed a valuable list of customers to which Imagine would like to market their products. On June 30, 20X5 Imagine paid cash to complete the acquisition of Carol Company and recorded $37 million in Goodwill. As of the date of the acquisition, Carol Companys balance sheet reported total assets of $80 million and total liabilities of $57 million. The fair market value of Carol Companys separately identifiable assets was $105 million and the fair market value of the liabilities was $57 million.

1) Imagine must have paid ____________ in cash for the acquisition of Carol Company.