Solved: What special asset does midlands acquisition of shipley, Accounting Basics

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What special asset does midlands acquisition of shipley

Accounting for intangibles

1. Goodwill $330,000

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:

Book value of assets $ 750,000

Market value of asset 1,000,000

Market value of liabilities 530,000

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.

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Accounting Basics: What special asset does midlands acquisition of shipley

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