Decca Publishing paid $230,000 to acquire Thrifty Nickel, a weekly advertising paper At the time of the acquisition, Thrifty Nickel 's balance sheet reported total assets of $130,000 and liabilities of $70,000 The fair market value of Thrifty Nickel 's assets was $100,000 The fair market value of T...

Requirement 1 Purchase price to acquire Thrifty Nickel 230000 Market value ...

Decca Publishing paid $230,000 to acquire Thrifty Nickel, a weekly advertising paper. At the time of the

Question:

Decca Publishing paid $230,000 to acquire Thrifty Nickel, a weekly advertising paper. At the time of the acquisition, Thrifty Nickel's reported total assets of $130,000 and liabilities of $70,000. The fair market value of Thrifty Nickel's assets was $100,000. The fair market value of Thrifty Nickel's liabilities was $70,000.
Requirements
1. How much did Decca Publishing purchase as part of the acquisition of Thrifty Nickel?
2. Journalize Decca Publishing's acquisition of Thrifty Nickel.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...