34A. Please be as specific as possible when describing how you reached certain figures.

Conseco Oil Company has an account titled Oil and Gas Properties. Conseco paid tests of the property and S45080 $6,600,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the prepare for drilling During the first year, Conseco removed and sold 72,000 barrels of P10-33A Accounting for natural resources ctive 4 48,640 company paid $570,000 for additional geological oil Record all of Conseco's transactions, including depletion for the first year. P10-34A Accounting for intangibles Midland States Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland States Telecom purchased goodwill a acquisition of Sheldon Wireless Enterprises, which had the following figures: ive 5 part of the ,000 $ 900,000 Book value of assets 1,400,000 Market value of assets 530,000 Market value of liabilities Requirements 1. Journalize the entry to record Midland States Telecom's purchase of Sheldon Wirel for $440,000 cash plus a $660,000 2. What special identify? How should Midland States Telecom account for this asset after acquiring Sheldon Wireless? Explain in detail. payable. asset does Midland States Telecom's acquisition of Sheldon Wireless note P10A-35A Journalizing partial-year depreciation and asset exchanges disposals and During 2018, Mora Company completed the following transactions: Jan. 1 Traded in old office equipment with book value of $55,000 (cost of $127,000 and accumulated depreciation of $72,000) for new equipment. Mora also paid $70,000 in cash. Fair value of new equipment is $133,000 Assume the exchange had commercial substance. Apr. 1 Sold equipment t +h-t