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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 22
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:
Requirements
1. Journalize the entry to record Midland's 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 identify How should Midland Telecom account for this asset after acquiring Shipley Wireless Explain in detail.
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:
Requirements
1. Journalize the entry to record Midland's 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 identify How should Midland Telecom account for this asset after acquiring Shipley Wireless Explain in detail.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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