TMC Advertising paid $ 170,000 to acquire Seacoast Report, a weekly advertising paper. At the time of the acquisition, Seacoast Report’s balance sheet reported total assets of $ 130,000 and liabilities of $ 70,000. The fair market value of Seacoast Report’s assets was $ 100,000. The fair market value of Seacoast Report's liabilities was $ 70,000.

Requirements 

1. How much goodwill did TMC Advertising purchase as part of the acquisition of Seacoast Report? 

2. Journalize TMC Advertising’s acquisition of Seacoast Report.