New Harvest Bakery acquired all the outstanding common stock of Red Rock Bakery for $70,300 in cash. The book values and market values of Red Rock's assets and liabilities were as follows:
Book Value Fair Value
Current assets $22,500 $22,800
Property, plant, and equipment 40,100 52,100
Other assets 4,800 5,400
Current liabilities 10,600 15,100
Long-term liabilities 22,400 20,900
Calculate the amount paid for goodwill.
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