Heartland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Heartland Telecom Purchased goodwill as part of the acquisition of Surety Enterprise, which had the following figures:

Requirement 1: journalize the entry to record Heartland Telecoms purchase of Surety Wireless for $360,000 cash plus a $540000 note Payable. ( record debits first, then credits. Select the explanation on the last line of the journal entry table)

Data Table Book value of assets Market value of assets Market value of liabilities S 850,000 1,300,000 560,000