Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for 32 000 000 in cash The

Question

Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for 32 000 000 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 Galculato Book Value 12 600 000 25 200 000 4 200 000 8 000 000 15 000 000 Fair Value 15 600 000 31 200 000 5 200 000 8 000 000 14 000 000

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