Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $$11,300,000$ in cash. The book values and fair values of Steinbeck$$s assets and liabilities were the following:

Book Value Fair Value

Accounts receivable $ $1,375,000$ $ $1,175,000$

Land $1,275,0001,575,000$

Equipment $6,875,0007,975,000$

Patent $275,0001,275,000$

Accounts payable $1,775,0001,775,000$

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.