pls answer both questions ASAP!! 1.

2.

TMC Advertising paid $170,000 to acquire Red River Herald, a weekly advertising paper. At the time of the acquisition, Red River Herald's balance sheet reported total assets of $100,000 and liabilities of $60.000. The fair market value of Red River Herald's assets was $80,000, The fair market value of Red River Herald's liabilities was $60,000 Read the requirements Requirement 1. How much goodwill did TMC Advertising purchase as part of the acquisition of Red River Herald? Purchase price to acquire Red River Herald Market value of Red River Herald's assets Less: Market value of Red River Herald's liabilities Less: Market value of Red River Herald's net assets Goodwill TMC Advertising paid $170,000 to acquire Red River Herald, a weekly advertising paper. At the time of the acquisition, Red River Herald's balance sheet reported total assets of $100,000 and liabilities of $60,000. The fair market value of Red River Herald's assets was $80,000. The fair market value of Red River Heralds liabilities was $60,000. Read the requirements. Less: Market value of Red River Herald's net assets Goodwill Requirement 2. Journalize TMC Advertising's acquisition of Red River Herald. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit