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Midland Telecom gives communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland purchased goodwill as part of the acquisition of Shipley Wireless Company, which had the given figures:

Book value of assets . . . . . . .$ 750,000
Market value of assets . . . . . .1,000,000
less Liabilities . . . . . . .  . . . . . .530,000

Requirements:

Journalize the entry to record the Midland's purchase of Shipley Wireless for $320,000 cash plus a $ 480,000 note payable.

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  • Category:- Accounting Basics
  • Reference No.:- M919272

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