World Publishing paid $230,000 to acquire Seacoast Report, a weekly advertising paper. At the time of the acquisition, Seacoast Report's balance sheet reported total assets of $140,000 and liabilities of $80,000. The fair market value of Seacoast Report's assets was $110,000. The fair market value of Seacoast Report's liabilities was $80,000. Read the requirements. Requirement 1. How much goodwill did World Publishing purchase as part of the acquisition of Seacoast Report? Purchase price to acquire Seacoast Report Market value of Seacoast Report's assets Less: Market value of Seacoast Report's liabilities Less: Market value of Seacoast Report's net assets Goodwill Requirement 2. Journalize World Publishing's acquisition of Seacoast Report. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirements 1. How much goodwill did World Publishing purchase as part of the acquisition of Seacoast Report? 2. Journalize World Publishing's acquisition of Seacoast Report