Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $40,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows:
|
Book Value |
Fair Value |
| Current assets |
$ |
10,800,000 |
$ |
13,800,000 |
| Property, plant, and equipment |
|
25,800,000 |
|
31,800,000 |
| Other assets |
|
2,400,000 |
|
3,400,000 |
| Current liabilities |
|
6,800,000 |
|
6,800,000 |
| Long-term liabilities |
|
11,200,000 |
|
10,200,000 |
|
| Required: |
|
Calculate the amount paid for goodwill. (Enter your answer in millions.)
|