Accounting for intangibles
Midland Telecom provides communication service in Iowa,Nebraska, the Dakotas, and Montana. Midland purchases goodwill as part of the acquisition of Shipley Wireless Company, which had the following.
| Book value of assets | 750,000 |
| Market Value of assets | 1,000,000 |
| Liabilities | 530,000 |
Requirements:
1. Journalize the entry to record Midland’s purchase of Shipley Wireless for $ 320,000 cash plus a $480,000 note payable.
2. What special asset does Midland’s acquisition of Shipley Wireless identify? How should Midland Telecom account for this asset after acquiring Shipley Wireless? Explain in detail.
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