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X Data Table $ Book value of assets Market value of assets Market value of liabilities 900,000 1,200,000 560,000 Print Done Midtown Telecom provides communication services in lowa, Nebraska, the Dakotas, and Montana. Midtown purchased goodwill as part of the acquisition of Shipley Wireless Enterprises, which had the following figures: 3: Click the icon to view the data.) Requirements 1. Journalize the entry to record Midtown's purchase of Shipley Wireless for $360,000 cash plus a $540,000 note payable. 2. What special asset does Midtown's acquisition of Shipley Wireless identify? How should Midtown Telecom account for this asset after acquiring Shipley Wireless? Explain in detail. Requirement 1. Journalize the entry to record Midtown's purchase of Shipley Wireless for $360,000 cash plus a $540,000 note payable. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. What special asset does Midtown's acquisition of Shipley Wireless identify? How should Midtown Telecom account for this asset after acquiring Shipley Wireless? Explain in detail. What special asset does Midtown's acquisition of Shipley Wireless identify? The acquisition identifies the asset How should Midtown Telecom account for this asset after acquiring Shipley Wireless? Explain in detail. Midtown should measure the of this asset each year. If this asset has increased in value, Midtown should V. If the value of the asset has decreased, Midtown should goodwill patents property, plant and equipment receivables trademarks Midtown should measure the of this fair value historic cost net cost Midtown should measure the of this asset each year. If this asset has increased in value, Midtown should If amortize the goodwill record a loss and write down goodwill record nothing Midtown should measure the of this asset each year. If this asset has increased in value, Midtown should If the value of the asset has decreased, Midtown should amortize the goodwill record a loss and write down goodwill record nothing
