TXL Publishing paid $250,000 to acquire Tri Town Daily, a weekly advertising paper. At the time of the acquisition, Tri Town Daily's balance sheet reported total assets of $160,000 and liabilities of $80,000. The fair market value of Tri Town Daily's assets was $120,000. The fair market value of Tri Town Daily's liabilities was $80,000. Read the requirements. Requirement 1. How much goodwill did TXL Publishing purchase as part of the acquisition of Tri Town Daily? Purchase price to acquire Tri Town Daily Market value of Tri Town Daily's assets Less: Market value of Tri Town Daily's liabilities Less: Market value of Tri Town Daily's net assets Goodwill Requirement 2. Journalize TXL Publishing's acquisition of Tri Town Daily. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Accounts and Explanation Date Debit

TXL Publishing paid $250,000 to acquire Town Daly, a weekly advertising paper. At the time of the acquisition, T Town Daily's balance sheet reported total assets of $100,000 and abides of $80,000 The fil value of 7 Town Dely's assets was $120,000 The fair manet value of T Town Daly's tabdices was $80,000 Read the requirements Requirement 1. How much goodwill did TXL Publishing purchase as part of the acquisition of Tit Town Daly Purchase price to acquire Tri Town Daily Market value of Tri Town Daily's assets Less: Market value of Tri Town Daily's liabilities Less: Market value of Tri Town Daily's net assets Goodwill Requirement 2. Joumatze TXL Publishing's acquisition of Tn Town Daily (Record debits first, then crests Select the explanation on the last line of the joumal entry table) Date Accounts and Explanation Debit Credit