5. COST OF GOODWILL 1-1-15 Price Paid for KETTLE CHIPS COMPANY.....$11,000,000 FAIR MARKET VALUE of Kettle Chips Assets..........$15,000,000 Kettle Chips Liabilities 1-1-15 ($10,000,000) Net Value of Kettle Chip Assets 1-1-15 Cost of Goodwill on Purchase 1-1-15 $5,000,000 $6,000,000 a)Journalize the purchase of Kettle Chips 1-1-15 b)Kettle Chips was sold on 1-2-15 for $28,000,000( twenty- eight million). There was no deduction in the value of Goodwill, no deduction in the market value of assets, nor deduction in the obligations of liabilities at the time of sale. Journalize the sale and loss/gain on sale