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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 40
Accounting for intangibles
Heartland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Heartland purchased goodwill as part of the acquisition of Shurburn Wireless Company, which had the following figures:
Requirements
1. Journalize the entry to record Heartland's purchase of Shurburn Wireless for $360,000 cash plus a $540,000 note payable.
2. What special asset does Heartland's acquisition of Shurburn Wireless identify How should Heartland Telecom account for this asset after acquiring Shurburn Wireless Explain in detail.
Heartland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Heartland purchased goodwill as part of the acquisition of Shurburn Wireless Company, which had the following figures:
Requirements
1. Journalize the entry to record Heartland's purchase of Shurburn Wireless for $360,000 cash plus a $540,000 note payable.
2. What special asset does Heartland's acquisition of Shurburn Wireless identify How should Heartland Telecom account for this asset after acquiring Shurburn 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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