A complete answer to your question can be found in the post https://math.stackexchange.com/a/2550192/231098
I'll do my own version here, that is closer to the "valuation point of view", rather than the "absolute value point of view".
Let me reformulate the statement of the exercise: we are looking for the valuations $v$ on $k(t)$ which are trivial on $k$. Indeed, there are many more valuations than the ones we are asked to find if we do not suppose $v_{|k}$ to be trivial (you can look up the theory of key polynomials or simply look at this post https://math.stackexchange.com/a/2584924/231098 )
So let us see how can we find them.
Case 1: $v(t)<0$, then $v(t^{-1})>0$, so if we let $s=t^{-1}$, then, by ultrametric property, for every $Q(s)=a_ks^k+a_{k+1}s^{k+1}+\ldots+a_ns^n\in k[s],\:
a_k\neq0$
$$v(P)=kv(s).$$
Considering $P(t)=\alpha_0+\alpha_1 t+\ldots+\alpha_rt^r\in k[t],\:\alpha_r\neq0$, then $s^nP(s^{-1})\in k[s]$ and since its constant coefficient is non zero, we get
$v(s^nP(s^{-1}))=0$, so $$v(P(t))=v(P(s^{-1})=-nv(s)\geqslant0,$$
so the valuation $v$ is equivalent to the degree in $t$ valuation.
Case 2: $v(t)\geqslant0$, then by ultrametric property $\forall P\in k[t],\:v(P)\geqslant0$. We then consider the prime ideal (you can easily show that it is prime on your own)
$$\mathfrak{p}:=\{f\in k[t];\:v(f)>0\}.$$
Subcase 2.1: if $\mathfrak{p}=(0)$, then the valuation $v$ is trivial on $k[t]$, so by the identity $v(f/g)=v(f)-v(g),\:v$ can only extend to the trvial valuation on $k(t)$.
Subcase 2.2: if $\mathfrak{p}=(p(t))$, then we can show that $v$ is the valuation associated to the prime $p(t)$. Indeed, we show that for any other (non-equivalent) irreducible/prime $q(t),\:v(q)=0$. Indeed, by Bézout we have two polynomials $a(t),b(t)\in k[t]$ such that
$$ap+bq=1,$$
so
$$0\leqslant v(q)\leqslant v(b)+v(q)=v(1-ap).$$
However, since $v(ap)=v(a)+v(p)\geqslant v(p)>0=v(1)$, we get by ultrametric property $v(1-bp)=0$, thus $v(q)=0$. We can conclude by using the UFD property of $k[t]$.
Parting remarks: this type of strategy can work more or less for any Dedekind domain $R$, of which $k[t]$ is a simple example. Indeed, for valuations $v$, that are non-negative on $R$, we set the prime ideal $\mathfrak{p}=\{x\in R;\:v(x)>0\}$ and we localize at this ideal. By the prime factorization property of Dedekind domains, you can then show that $R_\mathfrak{p}$ is a valuation ring and indeed it is the valuation ring associated to the prime ideal $\mathfrak{p}$ (details omitted).