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Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $30,000,000...

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Accounting

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 Icebergs assets and liabilities were as follows:image

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, and equipment 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: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 1,000,000 should be entered as 1).) Amount paid for goodwill $ million 25,000,000

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