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Mini-Exercise 6-7(Algo) Goodwill LO 6-9 Backstreets Company recently acquired all of Jungleland Incorporated's net...

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Accounting

Mini-Exercise 6-7(Algo) Goodwill LO 6-9
Backstreets Company recently acquired all of Jungleland Incorporated's net assets in a business acquisition. The cash purchase price
was $7.9 million. Jungleland's assets and liabilities had the following appraised values immediately prior to the acquisition: land, $2.2
million; buildings, $3.9 million; inventory, $2.7 million; long-term notes payable, for which Backstreets Company assumes payment
responsibilities, $2.0 million.
Required:
How much goodwill will result from this transaction?
Note: Enter your answer in whole dollars.
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