TXL Publishing paid $250,000 to acquire Tri Town Daily, a weekly advertising paper. At the time of
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TXL Publishing paid $250,000 to acquire Tri Town Daily, a weekly advertising paper. At the time of the acquisition, Tri Town Daily's balance sheet reported total assets of $160,000 and liabilities of $80,000. The fair market value of Tri Town Daily's assets was $120,000. The fair market value of Tri Town Daily's liabilities was $80,000. Read the requirements. Requirement 1. How much goodwill did TXL Publishing purchase as part of the acquisition of Tri Town Daily? Purchase price to acquire Tri Town Daily Market value of Tri Town Daily's assets Less: Market value of Tri Town Daily's liabilities Less: Market value of Tri Town Daily's net assets Goodwill Requirement 2. Journalize TXL Publishing's acquisition of Tri Town Daily. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Accounts and Explanation Date Debit
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