on march 31, 2021 Wolfson

Connect ter 10 homework laved Help Exercise 10-7 (Algo) Goodwill [LO10-17 Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,240,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $8,000,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Book Value Fair Value Receivables $1,500,000 $1,280,000 Property, plant, and equipment 8,200,000 9,620,000 Intangible assets 220,000 1,240,000 loo Required: Calculate the amount paid for goodwill. Goodwill WHE