Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,840,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $8,500,000. 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 Book Value $2,000,000 8,780,000 Fair Value $ 1,730,000 270,000 10,170,000 1,340,000 Goodwill $ 3,340,000