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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.
Prepare in general journal form the entry necessary to correct the books for the transaction in part 1 of this problem, assuming that the books have not been closed for the current year. Compute the net income to be reported each year 2007 through..
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