Book value of assets. . . . . . . . . . . . . . . . . .	$750,000
Market value of assets. . . . . . . . . . . . . . . . . . .	1,000,000
Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . .	530,000

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 MidlandMidland acquisition of Shipley Wireless identify? How should Midland Telecom account for this asset after acquiring Shipley Wireless? Explain in detail.

Requirement 1. Journalize the entry to record

Midland's

purchase of

Shipley

Wireless for

$320,000

cash plus a

$480,000

note payable. (Record debits first, then credits. Explanations are not required.)

Journal Entry
Date		Accounts	Debit	Credit