Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 4.00

services in Iowa

Heartland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Heartland purchased goodwill as part of the acquisition of Shurburn Wireless Company, which had the following figures:
Book value of assets. . . . . . . . . . . . . . . . . $ 800,000
Market value of assets. . . . . . . . . . . . . . . . 900,000
Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . 540,000
Requirements
1. Journalize the entry to record Heartland’s purchase of Shurburn Wireless for $360,000 cash plus a $540,000 note payable.
2. What special asset does Heartland’s acquisition of Shurburn Wireless identify? How should Heartland Telecom account for this asset after acquiring Shurburn Wireless? Explain in detail.

Answers

(5)
Status NEW Posted 24 Sep 2017 02:09 PM My Price 4.00

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