midland telecom provides communication services in iowa nebraska the dakotas and mon 491833
P9-31A Accounting for intangibles
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midland telecom provides communication services in iowa nebraska the dakotas and mon 491833
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Midland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland purchased goodwill as part of the acquisition of Shipley Wireless Company, which had the following figures:
|
Book value of assets |
$750,000 |
|
Market value of assets |
1,000,000 |
|
less 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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