Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $$11,360,000$ in cash. The book values and fair values of Steinbeck$$s assets and liabilities were the following:

Book Value Fair Value

Accounts receivable $ $1,390,000$ $ $1,190,000$

Land $1,290,0001,590,000$

Equipment $6,890,0007,990,000$

Patent $290,0001,290,000$

Accounts payable $1,790,0001,790,000$

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $$11,360,000$ in cash. The book values

and fair values of Steinbeck's assets and liabilities were the following:

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.

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Calculate the amount paid for goodwill.