Princeton has acquired several other companies. Assume that Princeton purchased Kelleher for $9,000,000 cash. The book value of Kelleher's assets is $19,000,000 (market value, $20,000,000), and it has liabilities of $12,000,000 (market value, $12,000,000). Requirements 1. Compute the cost of goodwill purchased by Princeton. 2. Record the purchase of Kelleher by Princeton. Requirement 1. Compute the cost of goodwill purchased by Princeton. Purchase price to acquire Kelleher Market value of Kelleher's assets Less: Market value of Kelleher's liabilities Less: Market value of Kelleher's net assets Goodwill