Up Country Publishing paid $240,000 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 $160,000 and - Kabilities of $80,000. The fair market value of Red River Herald's assets was $120,000. The fair market value of Red River Herald's liabilities was $80,000. Read the requirements Requirement 1. How much goodwill did Up Country Publishing 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 i Less: Market value of Red River Herald's liabilities 120000 80000 240000 Less: Market value of Red River Herald's net assets Goodwill Requirement 2. Journalize Up Country Publishing's acquisition of Red River Herald. (Record debts first, then credits. Select the explanation on the last line of the journal entry table) Debi Date Accounts and Explanation Credit