Marty's Mart paid $$200,000$ to acquire Brisk Gas, a corner store and gas station. At the time of

the acquisition, Brisk Gas' balance sheet reported total assets of $$170,000$ and liabilities of $$90,000.$

The fair value of Brisk Gas' assets was $$130,000.$ The fair value of Brisk Gas' liabilities was $$90,000.$

Requirements

How much goodwill did Marty's Mart purchase as part of the acquisition of Brisk Gas?

Journalize Marty's Mart's acquisition of Brisk Gas.

Requirement $1.$ How much goodwill did Marty's Mart purchase as part of the acquisition of Brisk Gas?

Purchase price to acquire Brisk Gas

Fair value of Brisk Gas' assets

Less: Fair value of Brisk Gas' liabilities

Less: Fair value of Brisk Gas' net assets

Goodwill