Question: When one media company buys another, goodwill is often the most costly asset acquired. TXL Publishing paid $650,000 to acquire the Thrifty Nickel , a

When one media company buys another, is often the most costly asset acquired. TXL Publishing paid $650,000 to acquire the Thrifty Nickel , a weekly advertising paper. At the time of the acquisition, the Thrifty Nickel’s reported total assets of $800,000 and liabilities of $400,000. The fair market value of the Thrifty Nickel’s assets was $900,000. The fair market value of liabilities was $400,000. How much did TXL Publishing purchase as part of the acquisition of the Thrifty Nickel? Journalize TXL Publishing’s acquisition of the Thrifty Nickel

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