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Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $44,000,000 in cash. The book values and fair values of
Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $44,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Current assets Property, plant, and equipment Other assets Current liabilities Book Value $ 16,000,000 30,800,000 5,200,000 9,600,000 Fair Value $ 19,000,000 36,800,000 6,200,000 9,600,000 15,400,000 Long-term liabilities Required: 16,400,000 Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 5,000,000 should be entered as 5).) . Amount paid for goodwill million
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