DE 10-14 Media-related companies have little in the way of tangible plant assets. Instead. their main asset is goodwill. When one media company buys another. goodwill is often the most costly asset acquired. Flannahan Newsprint paid $700,000 to acquire The Thrifty Nickel. an advertising paper headquartered in Texas. At the time of Flannahan's acquisition. The Thrifty Nickel's balance sheet reported total assets of $1,150,000 and liabilities of $600.000. The fair market value of The Thrifty Nickel's assets was $990,000. 1. How much goodwill did Flannahan purchase as part of the acquisition of The Thrifty Nickel? 2. Make Flannahan's summary journal entry to record the acquisition of The Thrifty Nickel. 3. What is the maximum useful life of the goodwill under GAAP? If Flannahan amortizes the goodwill over the maximum useful life, how much amortization expense will Flannahan record each year?