Why do goodwill and other intangibles get created in an acquisition?

• Goodwill equals the target's cumulative retained earnings carried over at book value, and identifiable intangibles are never separately marked to fair value
• Intangibles equal the full purchase price, and goodwill only arises if the buyer pays below fair value
• Paying above the fair value of net identifiable assets creates goodwill, while identifiable intangibles are marked to fair value
• They represent the new acquisition debt raised in the deal, which is capitalized as an intangible asset sitting on the buyer's balance sheet
• They are the advisory and financing fees incurred to close the deal, which are recorded as intangible assets on the balance sheet rather than expensed