S9-13 (similar to) Question Help O TMC Advertising paid $190,000 to acquire Marble Valley Chronicle, a weekly advertising paper. At the time of the acquisition, Marble Valley Chronicle's balance sheet reported total assets of 590,000 and liabilities of $50,000. The fair market value of Marble Valley Chronicle's assets was $70,000. The fair market value of Marble Valley Chronicle's liabilities was $50,000. Read the requirements. Requirement 1. How much goodwill did TMC Advertising purchase as part of the acquisition of Marble Valley Chronicle? Purchase price to acquire Marble Valley Chronicle Market value of Marble Valley Chronicle's assets Less: Market value of Marble Valley Chronicle's liabilities Less: Market value of Marble Valley Chronicle's net assets Goodwill i Requirements - X 1. How much goodwill did TMC Advertising purchase as part of the acquisition of Marble Valley Chronicle? 2. Journalize TMC Advertising's acquisition of Marble Valley Chronicle. Print Done Enter any number in the edit fields and then click Check Answer. ? 1 part remaining Clear All Check