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Can you please help me with this problem. Thank you very much. pearning Objective 5 1 _ Goodwill $330,000 P10-34A Accounting for intangibles Midland Telecom
Can you please help me with this problem. Thank you very much.
pearning Objective 5 1 _ Goodwill $330,000 P10-34A Accounting for intangibles 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: gook value of assets Market value of assets Market value of liabilities Requireme nts s 750,000 530,000 1. Journalize the entry to record Midlandk 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 identifr? How should Midland Telecom account for this asset after acquiring Shipley Wireless? Explain in detail.
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