Problem 7 Goodwill (3 points) Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $30,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Current Assets Property, Plant & Equipment (PP&E) Other Assets Current Liabilities Long-term Liabilities Book Value $ 11,400,000 20,200,000 3,400,000 7,800,000 13,200,000 Fair Value $ 14,400,000 26,200,000 4,400,000 7,800,000 12,200,000 Required: What is the amount paid for Goodwill? Answer (7)