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Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $36,000,000 in cash. The book values and fair values of Iceberg's
Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $36,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Book Value Fair Value Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities 23,600,000 4,000,000 8,400,000 $12,400,000 15,400,000 29,600,000 5,000,000 8.400,000 4,600,000 13,600,000 Required: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e.5,000,000 should be entered as 5).) paid for million
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