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Westward Telecom, a communication service provider in Iowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year:
Westward Telecom, a communication service provider in Iowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: (Click the icon to view the transactions.) Read the requirements. ... Requirement 1. Journalize the entries to record Westward Telecom's transactions during the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 13: Westward Telecom purchased Sagely Wireless Enterprises for $520,000 cash plus a $780,000 note payable. Sagely's book value of assets was $800,000. Sagely's market value of assets and liabilities was $1,400,000 and $630,000, respectively. Date Feb. 13 Accounts and Explanation Debit Credit
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