Core Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following...

 

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Core Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the entries to record Core Telecom's transactions during the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 13: Core Telecom purchased Speedy Wireless Enterprises for $640,000 cash plus a $960,000 note payable. Speedy's book value of assets was 51,000,000. Speedy's market value of assets and liabilities was $1,400,000 and $480,000, respectively. Date Accounts and Explanation Debit Credit Feb. 13 Core Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the entries to record Core Telecom's transactions during the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 13: Core Telecom purchased Speedy Wireless Enterprises for $640,000 cash plus a $960,000 note payable. Speedy's book value of assets was 51,000,000. Speedy's market value of assets and liabilities was $1,400,000 and $480,000, respectively. Date Accounts and Explanation Debit Credit Feb. 13

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