Princess has acquired several other companies. Assume that Princess purchased Kettle for $10,000,000 cash. The book value of Kettle's assets is $15,000,000 (market value, $16,000,000), and it has liabilities of $13,000,000 (market value, $13,000,000) Requirements 1. Compute the cost of goodwill purchased by Princess. 2. Record the purchase of Kettle by Princess. Requirement 1. Compute the cost of goodwill purchased by Princess Purchase price to acquire Kettle Market value of Kettle's assets Less: Market value of Kettle's liabilities Less: Market value of Kettle's net assets Goodwill Requirement 2. Record the purchase of Kettle by Princess, Inc. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table) Date Accounts and Explanation Debit Credit