Central States Telecom, a communication service provider in Iowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: (Click the icon to view the transactions.) A Al Requirements 1. Journalize the entries to record Central States Telecom's transactions during the year. 2. What special asset does Central States Telecom's acquisition of Sheldon Wireless identify? How should Central States Telecom account for this asset after acquiring Sheldon Wireless? Explain in detail. More info Print Done rd debits first, then credits. Select the explanation on the last line of t note payable. Sheldon's book value of assets was $1,300,000. Shel edit Feb. 13 Apr. 1 Central States Telecom purchased Sheldon Wireless Enterprises for $640,000 cash plus a $960,000 note payable. Sheldon's book value of assets was $1,300,000. Sheldon's market value of assets and liabilities was $2,100,000 and $560,000, respectively. Oct. 1 Dec. 31 Paid $550,000 to acquire a patent. Central States believes the patent's useful life will be 10 years. Paid $980,000 for the trademark, "Faster than Fast," with a useful life of 20 years. Recorded amortization expense (separately) for the patent and trademark. Print Done Requirement 1. Journalize the entries to record Central States 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: Central States Telecom purchased Sheldon Wireless Enterprises for $640,000 cash plus a $960,000 note payable. Sheldon's book value of assets was $1,300,000. Sheldon's market value of assets and liabilities was $2,100,000 and $560,000, respectively. Date Feb. 13 Accounts and Explanation Debit Credit Apr. 1: Paid $550,000 to acquire a patent. Central States believes the patent's useful life will be 10 years. Date Apr. 1 Accounts and Explanation Oct. 1: Paid $980,000 for the trademark, "Faster than Fast," with a useful life of 20 years. Date Oct. 1 Accounts and Explanation Debit Credit Debit Credit Dec. 31: Recorded amortization expense (separately) for the patent and trademark. Start by recording amortization expense for the patent. You will be asked to record the amortization expense for the trademark in the next step. (Do not round interim calculations. Enter your final answer to the nearest whole dollar.) Date Dec. 31 Accounts and Explanation Debit Credit Record the amortization expense for the trademark. (Do not round interim calculations. Enter your final answer to the nearest whole dollar.) Date Dec. 31 Accounts and Explanation Debit Credit Requirement 2. What special asset does Central States Telecom's acquisition of Sheldon Wireless identify? How should Central States Telecom account for this asset after acquiring Sheldon Wireless? Explain in detail. What special asset does Central States Telecom's acquisition of Sheldon Wireless identify? The acquisition identifies the asset How should Central States Telecom account for this asset after acquiring Sheldon Wireless? Explain in detail. Central States Telecom should measure the decreased, Central States should of this asset each year. If this asset has increased in value, Central States should If the value of the asset has