Central 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 Central 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 Telecom purchased Surley Wireless Enterprises for $400,000 cash plus a $600,000 note payable. Surley's book value of assets was $800.000. Surley's market value of assets and liabilities was $1,300,000 and $740.000, respectively. Date Accounts and Explanation Debit Credit Feb. 13 - X Requirements More Info - X Feb. 13 1. Journalize the entries to record Central Telecom's transactions during the year. 2. What special asset does Central Telecom's acquisition of Surley Wireless identify? How should Central Telecom account for this asset after acquiring Surley Wireless? Explain in detail Apr. 1 Oct 1 Central Telecom purchased Surley Wireless Enterprises for $400,000 cash plus a $800.000 note payable. Surley's book value of assets was $800.000. Surley's market value of assets and liabilities was $1,300,000 and $740,000, respectively. Paid $500,000 to acquire a patent. Central believes the patent's useful life will be 10 years. Paid $740,000 for the trademark, "Faster than Fast," with a useful life of 20 years. Recorded amortization expense (separately) for the patent and trademark. Print Done Dec. 31 Print Done