Financial Accounting (Fall 2021/22) Ege Dogru 12/30/216:03 PM Quiz: Q12 Question 2 of 7 This quiz: 17 point(s) possible This question: 2 point(s) possible Submit quiz TMC Advertising paid $170,000 to acquire Marble Valley Chronicle, a weekly advertising paper At the time of the acquisition, Marble Valley Chronicle's balance sheet reported total assets of $160,000 and liabilities of $80,000. The fair market value of Marble Valley Chronicle's assets was $120,000 The fair market value of Marble Valley Chronicle's liabilities was $80,000 Read the equirements Requirement 1. How much goodwill did TMC Advertising purchase as part of the acquisition of Marble Valley Chronicle? 170000 Purchase price to acquire Marble Valley Chronicle Market value of Marble Valley Chronicle's assets Less: Market value of Marble Valley Chronicle's liabilities Less: Market value of Marble Valley, Chronicle's net assets 160000 80000 80000 90000 Goodwill Requirement 2. Journalize TMC Advertising's acquisition of Marble Valley Chronicle. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Assets 160000 Goodwill Liabilities 80000 Cash To record loss on disposal of Marble Valley Chronicle's net assets