Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $13,040,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $9,500,000. 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 Book Value Fair Value $ 2,000,000 $2,630,000 19,700,000 11, 270,000 31707000 1 540,000