On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,700,000 in cash. The book values and fair values of Barney's assets and liabilities were as follows: Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities Book Value $ 6,700,000 11,700,000 1,070,000 4,700,000 6,700,000 Fair Value $ 8,200,000 14,700,000 1,570,000 4,700,000 6,200,000 Required: Calculate the amount paid for goodwill. Goodwill