AM Publishing paid $$230,000$ to acquire Tri Town Daily, a weekly advertising paper. At the time of the acquisition, Tri Town Daily's balance sheet rep fair market value of Tri Town Daily's assets was $$100,000.$ The fair market value of Tri Town Daily's liabilities was $$70,000.$

Read the requirements.

Requirement $1.$ How much goodwill did AM Publishing purchase as part of the acquisition of Tri Town Daily?

Purchase price to acquire Tri Town Daily

Market value of Tri Town Daily's assets

Less: Market value of Tri Town Daily's liabilities

Less: Market value of Tri Town Daily's net assets

Goodwill

Requirement $2.$ Journalize AM Publishing's acquisition of Tri Town Daily. $($Record debits first, then credits. Select the explanation on the last line of the

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[,$Assets,$100,000,],[,$Goodwill,,$],[,\backslash$table$[[$Liabilities$],[$Cash$]],,],[,$Cash,,$],[,\stackrel{}{x},,]]$