On March 31, 2024, 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.