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.