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What special asset does core acquisition of surety wireless

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Reference no: EM132676154

Accounting for intangibles

Goodwill $210,000

Core Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Core purchased goodwill as part of the acquisition of Surety Wireless Company, which had the following figures:

Book value of assets $ 700,000

Market value of assets 1,000,000

Market value of liabilities 510,000

Problem 1. Journalize the entry to record Core's purchase of Surety Wireless for $280,000 cash plus a $420,000 note payable.

Problem 2. What special asset does Core's acquisition of Surety Wireless identify? How should Core Telecom account for this asset after acquiring Surety Wireless? Explain in detail.

Reference no: EM132676154

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