P9-31A Midland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana.

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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 assets . . . . . . . . . . . . . . . .1,000,000

less 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.

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