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Question: When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire The Dandy Dime, a weekly advertising paper. At the time of the acquisition, The Dandy Dime's balance sheet reported total assets of $1,200,000 and liabilities of $600,000. The fair market value of The Dandy Dime's assets was $800,000.

1. How much goodwill did World Media purchase as part of the acquisition of The Dandy Dime?

2. Journalize World Media's acquisition of The Dandy Dime.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9278295

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