(Answered) Question - johnson corporation purchased all of the

Accounting

Question - Johnson Corporation purchased all of the outstanding common stock of Smith Corporation for $11,000,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $7,800,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions:

	Book Value	Fair Value
Receivables	$1,300,000	$1,100,000
Property, plant, and equipment	8,000,000	9,400,000
Intangible assets	200,000	1,200,000

Required: Calculate the amount paid for goodwill.

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