AM Publishing paid $$220,000$ to acquire Concord Weekly, a weekly advertising paper. At the time of the acquisition, Concord Weekly's balance sheet reported total assets of $$90,000$ and liabilities $$50,000.$ The fair market value of Concord Weekly's assets was $$70,000.$ The fair market value of Concord Weekly's liabilities was $$50,000.$

Read the requirements.

Requirement $1.$ How much goodwill did AM Publishing purchase as part of the acquisition of Concord Weekly?

Purchase price to acquire Concord Weekly

Market value of Concord Weekly's assets

Less: Market value of Concord Weekly's liabilities

Less: Market value of Concord Weekly's net assets

Goodwill

Requirements

How much goodwill did AM Publishing purchase as part of the acquisition of Concord Weekly?

Journalize AM Publishing's acquisition of Concord Weekly,