Assume that Tweet paid $19 million to purchase Myspace.com. Assume further that Myspace had the following summarized data at the time of the Tweet acquisition (amounts in millions of U.S. dollars). (Click the icon to view data.) Myspace's long-term assets had a current value of only $13 million. Required 1. Compute the cost of the goodwill purchased by Tweet. 2. Record the purchase of Myspace. 3. Explain how Tweet will account for goodwill in the future. Requirement 1. Compute the cost of the goodwill purchased by Tweet. Cost of goodwill purchased: Purchase price paid for Myspace Fair value of Myspace's net assets: Fair value of Myspace's assets Less: Myspace's liabilities Fair value of Myspace's net assets (in millions) Cost of goodwill Requirement 2. Record the purchase of Myspace. (Record debits first, then credits. Explanati Journal Entry Accounts Debit Credit Requirement 3. Explain how Tweet will account for goodwill in the future. Data table Assets Liabilities and Equity Current assets $ 9 Total liabilities $ 19 Long-term assets 18 8 Shareholders' equity. 27 $ 27 Print Done Tweet will determine whether the Myspace's goodwill that Tweet has purchased has a loss on goodwill and the carrying value of the goodwill. in value. If the goodwill's value has increased, there is to record. If the goodwill's fair value has decreased, that is if the value is impaired, Tweet