Westward Telecom, a communication service provider in lows, Nebraska, the Dakotas, and Montana had the following...

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Westward Telecom, a communication service provider in lows, 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 Surley Wireless Enterprises for $560,000 cash plus a $840.000 note payable. Surley's book value of assets was $1,100,000. Surley's market value of assets and abilities was $1,800,000 and $880,000, respectively. Date Feb 13 Accounts and Explanation Assets Goodwil Requirements Debit 1800000 Credi More info Feb. 13 Westward Telecom purchased Surley Wireless Enterprises for $560,000 cash plus a $840,000 note payable. Surley's book value of assets was $1,100,000 Surley's market value of assets and Sabaties was $1,800 000 and $880,000, respectively Apr. 1 Oct 1 Dec. 31 Paid $500,000 to acquire a patent Westward believes the patents useful life will be 10 years. Paid $920,000 for the trademark, "Flicker Fast" with a useful site of 20 years Recorded amortization expense (separately) for the patent and trademark 1. Joumalize the entries to record Westward Telecom's transactions during the year. 2. What special asset does Westward Telecom's acquisition of Surley Wireless identify? How should Westward Telecom account for this asset after acquiring Surley Wireless? Explain in detail. Print Done Print Done Westward Telecom, a communication service provider in lows, 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 Surley Wireless Enterprises for $560,000 cash plus a $840.000 note payable. Surley's book value of assets was $1,100,000. Surley's market value of assets and abilities was $1,800,000 and $880,000, respectively. Date Feb 13 Accounts and Explanation Assets Goodwil Requirements Debit 1800000 Credi More info Feb. 13 Westward Telecom purchased Surley Wireless Enterprises for $560,000 cash plus a $840,000 note payable. Surley's book value of assets was $1,100,000 Surley's market value of assets and Sabaties was $1,800 000 and $880,000, respectively Apr. 1 Oct 1 Dec. 31 Paid $500,000 to acquire a patent Westward believes the patents useful life will be 10 years. Paid $920,000 for the trademark, "Flicker Fast" with a useful site of 20 years Recorded amortization expense (separately) for the patent and trademark 1. Joumalize the entries to record Westward Telecom's transactions during the year. 2. What special asset does Westward Telecom's acquisition of Surley Wireless identify? How should Westward Telecom account for this asset after acquiring Surley Wireless? Explain in detail. Print Done Print Done