Question: Accounting for goodwill TXL Advertising paid $250,000 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.
Requirements: 1. How much goodwill did TXL Advertising purchase as part of the acquisition of Seacoast Report?
2. Journalize TXL Advertising's acquisition of Seacoast Report.