i need help Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $35,000,000 in cash. The book values and fair values of Iceberg’s assets and liabilities were as follows:| | Book Value | Fair Value ||--------------------------|------------|-------------|| Current assets | $10,200,000 | $13,200,000 || Property, plant, and equipment | $22,800,000 | $28,800,000 || Other assets | $2,000,000 | $3,000,000 || Current liabilities | $6,200,000 | $6,200,000 || Long-term liabilities | $10,800,000 | $9,800,000 |**Required:**Calculate the amount paid for goodwill. (Enter your answer in millions, i.e., 5,000,000 should be entered as 5.)**Solution:**The amount paid for goodwill is $6,000,000 (entered as 6 million).

Goodwill is the excess amount paid over and above the book value of the assets in the business.

Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $35,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Fair Value $13,200,000 28,800,000 3,000,000 6,200,000 9,800,000 Book Value Current assets Property, plant, and equipment Other assets $10,200,000 22,800,000 2,000,000 6,200,000 10,800,000 Current liabilities Long-term liabilities Required: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 5,000,000 should be entered as 5).) Amount paid for goodwill $ 6,000,000 million

Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $35,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Fair Value $13,200,000 28,800,000 3,000,000 6,200,000 9,800,000 Book Value Current assets Property, plant, and equipment Other assets $10,200,000 22,800,000 2,000,000 6,200,000 10,800,000 Current liabilities Long-term liabilities Required: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 5,000,000 should be entered as 5).) Amount paid for goodwill $ 6,000,000 million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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