Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $12,200,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $8,800,000. 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 $2,300,000 9,000,000 300,000 Fair Value $ 2,000,000 10,500,000 1,400,000