Journalize the transactions

Omniportal Company purchased Network Enterprises. The following fair values were associated with the items acquired in this business acquisition:The fair value associated with Network Enterprises’ government contacts is not based on any legal or contractual relationship. In addition, for obvious reasons, there is no open market trading for intangibles of this sort.

1. Make the journal entry necessary for Omniportal Company to record the purchase if the purchase price is $790,000 cash.

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2. Assume that the purchase price is $28,000 cash. Make the journal entry necessary to record thepurchase.

Olindo Company sells Gish’s bonds costing $40,000 for $45,000, including $500 of accrued interest. In recording the sale, Olindo books a $5,000 gain. Is this correct? Explain

Nosker Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased 2,500 shares of Escalante Corporation common stock (5%) for $152,000 cash.July 1 Received a cash dividend of $3 per share.Dec. 1 Sold 500 shares of Escalante Corporation common stock for $32,000 cash.Dec. 31 Received a cash dividend of $3 per share.

Instructions

Journalize the transactions.

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