On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,000,000 in cash. The book values and fair values of Barney?s assets and liabilities were as follows:

Required:Calculate the amount paid for goodwill.

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Fair Value Book Value Current assets Property, plant, and equipment $ 6,000,000 $ 7,500,000 11,000,000 14,000,000 1,500,000 1,000,000 Other assets Current liabilities 4,000,000 4,000,000 Long-term liabilities 5,500,000 6,000,000