Pilgrim has acquired several other companies Assume that Pilgrim purchased Kittery for $10,000,000 cash. The book value of Kitry's assets is $15,000,000 (market value, $19.000.000) and has liabilities of $11,000,000 (market value $11,000,000) Requirements 1. Compute the cost of goodwill purchased by Pilgrim 2. Record the purchase of Kimlery by Pilgrim Requirement 1. Compute the cost of goodwill purchased by Pilgrim Purchase price to acquire Kittery Market value of Kittery's assets Less: Market value of Kittury's liabilities Less: Market value of Kittery's net assets will Pigrm has acquired several other companies. Assume that Plgrim purchased Kittery for $10.000.000 cash. The book value of Kittery's assets is $15,000,000 (market value, $19,000,000). Requirement 1. Compute the cost of goodwill purchased by Pigrim Purchase price to acquire Kittery Market value of Kittery's assets Less: Market value of Kittery's liabilities Less: Market value of Kittery's net assets Goodwill Requirement 2. Record the purchase of Kitlery by Pagrim, Inc. Record debts first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit