AM Publishing paid $220,000 to acquire Thrifty Nickel, a weekly advertising paper. At the time of the acquisition, Thrifty Nickel's balance sheet reported total assets of $80,000 and liabilities of $40,000. The fair market value of Thrifty Nickel's assets was $60,000. The fair market value of Thrifty Nickel's liabilities was $40,000 Read the requirements Requirement 1. How much goodwill did AM Publishing purchase as part of the acquisition of Thrifty Nickel? Purchase price to acquire Thrifty Nickel Market value of Thrifty Nickel's assets Less: Market value of Thrifty Nickel's liabilities Less: Market value of Thrifty Nickel's net assets Goodwill Requirement 2. Journalize AM Publishing's acquisition of Thrifty Nickel (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Requirements 1. How much goodwill did AM Publishing purchase as part of the acquisition of Thrifty Nickel? 2. Journalize AM Publishing's acquisition of Thrifty Nickel. Print Done