When one media company buys another, goodwill is often he most costly asset acquired. T Advertising paid $1,029 28ac e Seacoast or a weekly advertising paper the time of the acquisition, the Seacoast Report's balance sheet reported total assets of $1,027,700 and liabilities of $627,700. The fair market value of the Seacoast Report's assets was $1,127,700. The fair market value of liabilities was $627,700. How much goodwill did TMC Advertising purchase as part of the acquisition of the Seacoast Report? Journalize TMC Advertising's acquisition of the Seacoast Report How much goodwill did TMC Advertising purchase as part of the acquisition of the Seacoast Report? Select the formula labels and then enter the amounts to calculate goodwill Purchase price Net assets purchased, at market value Goodwill 1,029,280 500,000 $529,280 Journalize TMC Advertising's acquisition of the Seacoast Report. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit