Vector Advertising paid $$190,000$ to acquire Concord Weekly, a weekly advertising paper. At the time of the acquisition, Concord Weekly's balance sheet reported total assets of $$130,000$ and liabilities of $$70,000.$ The fartsmarket value of Concord Weekly's assets was $$100,000.$ The fair market value of Concord Weekly's liabilities was $$70,000.$

Read the requirements.

Requirement $1.$ How much goodwill did Vector Advertising purchase as part of the acquisition of Concord Weekly?

Purchase price to acquire Concord Weekly

Market value of Concord Weekly's assets

Less: Market value of Concord Weekly's liabilities

Less: Market value of Concord Weekly's net assets

Goodwill