lize Con More info Feb. 13 Apr. 1 Oct. 1 Dec. 31 Heartland Telecom purchased Shipley Wireless Enterprises for $720,000 cash plus a $1,080,000 note payable. Shipley's book value of assets was $1,500,000. Shipley's market value of assets and liabilities was $2,100,000 and $650,000, respectively. Paid $700,000 to acquire a patent. Heartland believes the patent's useful life will be 10 years. Paid $980,000 for the trademark, "Flicker Fast," with a useful life of 20 years. Recorded amortization expense (separately) for the patent and trademark.