On March 31, 2018, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,500,000 in cash. The book values and fair values of Barneys assets and liabilities were as follows:

	Book Value			Fair Value
Current assets	$	6,500,000		$	8,000,000
Property, plant, and equipment		11,500,000			14,500,000
Other assets		1,050,000			1,550,000
Current liabilities		4,500,000			4,500,000
Long-term liabilities		6,500,000			6,000,000

Required: Calculate the amount paid for goodwill.