Midland States Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: View the transactions.

Read the requirements.

Requirement $1.$ Journalize the entries to record Midland States Telecom's transactions during the year. $($Record debits first, then credits. Select the explanation on the last line of the jo

Feb. $13$: Midland States Telecom purchased Sheldon Wireless Enterprises for $$520,000$ cash plus a $$780,000$ note payable. Sheldon Wireless Enterprises' book value of assets was $ and liabilities was $$1,500,000$ and $$630,000,$ respectively.

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