Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,240,000 in...
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Accounting
Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,240,000 in cash. The book value of Smith's net assets (assets minus fiabilities) was $8,000,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Receivables Property, plant, and equipment Intangible assets Book Value $1,500,000 8,200,000 220,000 Fair Value $1,280,000 9.620,000 1,240,000 Required: Calculate the amount paid for goodwill. Goodwill
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