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On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,000,000 in cash. The book values and fair values of Barney’s assets and liabilities were as follows:
Book Value | Fair Value | |
Current assets | $6,000,000 | $7,500,000 |
Property, plant, and equipment | $11,000,000 | $14,000,000 |
Other assets | $1,000,000 | $1,500,000 |
Current liabilities | $4,000,000 | $4,000,000 |
Long-term liabilities | $6,000,000 | $5,500,000 |
Required:
Calculate the amount paid for
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