On March 31, 2012, Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce
Corporation for $34,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows:
Book Value Fair Value
Current assets .. $12,000,000 $15,000,000
Property, plant, and equipment 22,000,000 28,000,000
Other assets.
2,000,000 3,000,000
Current liabilities 8,000,000 8,000,000
Long-term liabilities 12,000,000 11,000,000
Required:
Calculate the amount paid for goodwill.