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

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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 Required: 1. Calculate the amount paid for goodwill. Book Value $ 11,400,000 Fair Value $ 14,400,000 20,200,000 3,400,000 26,200,000 4,400,000 7,800,000 13,200,000 7,800,000 12,200,000 2. Determine the financial statement effects of the acquisition. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the financial statement effects of the acquisition. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions rounded to 1 decimal place. (i.e. 5,500,000 should be entered as 5.5). Assets Balance Sheet Stockholders' Equity Liabilities Common Stock Retained Earnings Revenues Required 1 Required 2 Income Statement Net Expenses Income 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 Required: 1. Calculate the amount paid for goodwill. Book Value $ 11,400,000 Fair Value $ 14,400,000 20,200,000 3,400,000 26,200,000 4,400,000 7,800,000 13,200,000 7,800,000 12,200,000 2. Determine the financial statement effects of the acquisition. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the financial statement effects of the acquisition. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions rounded to 1 decimal place. (i.e. 5,500,000 should be entered as 5.5). Assets Balance Sheet Stockholders' Equity Liabilities Common Stock Retained Earnings Revenues Required 1 Required 2 Income Statement Net Expenses Income

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