Middle Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Middle purchased goodwill as part of the acquisition of ShipleyShipley Wireless Enterprises, which had the following figures: LOADING... (Click the icon to view the data.) Requirements

1. Journalize the entry to record Middle'sMiddle's purchase of Shipley Wireless for $400,000 cash plus a $600,000 note payable.

2. What special asset does Middle's acquisition of Shipley Wireless identify? How should Middle Telecom account for this asset after acquiring Shipley Wireless? Explain in detail. Requirement

1. Journalize the entry to record Middle's purchase of Shipley Wireless for $400,000 cash plus a $600,000 note payable. (Record debits first, then credits.

Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. What special asset does Middle's acquisition of Shipley Wireless identify? How should Middle Telecom account for this asset after acquiring Shipley Wireless? Explain in detail. What special asset does Middle's acquisition of Shipley Wireless identify? The acquisition identifies the asset goodwill patents property, plant and equipment receivables trademarks . How should Middle Telecom account for this asset after acquiring Shipley Wireless? Middle should measure the fair value historic cost net cost of this asset each year. If this asset has increased in value, Middle should amortize the goodwill record a loss and write down goodwill record nothing . If the value of the asset has decreased, Middle should amortize the goodwill record a loss and write down goodwill record nothing .