Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,720,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $8,400,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Receivables Property, plant, and equipment Intangible assets Required: Calculate the amount paid for goodwill. Goodwill Book Value $1,900,000 8,600,000 260,000 Fair Value $1,640,000 10,060,000 1,320,000