Learning Objective 5 1. Goodwill $1,000,000 a mi E9-26 Measuring and recording goodwill Princeton has acquired several other companies. Assume that Princeton purchased Kelleher for $9,000,000 cash. The book value of Kelleher's assets is $19,000,000 (market value, $20,000,000), and it has liabilities of $12,000,000 (market value, $12,000,000). Requirements 1. Compute the cost of the goodwill purchased by Princeton. 2. Record the purchase of Kelleher by Princeton. Om 79.27 Computing asset turnover ratio gomil 80 IM Learning Objective 6 E9-26 Requirements 1. Compute the cost of the goodwill purchased by Princeton. 2. Record the purchase of Kelleher by Princeton. Solution: Requirement 1 Requirement 2 Date Accounts and Explanation Debit Credit