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: (Click the icon to 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 journal entry table.) Feb. 13: Midland States Telecom purchased Spiffy Wireless Enterprises for $360,000 cash plus a $540,000 note payable. Spiffy's book value of assets was $600,000. Spiffy's market value of assets and liabilities was $1,100,000 and $480,000, respectively. 1. Journalize the entries to record Midland States Telecom's transactions during the year. 2. What special asset does Midland States Telecom's acquisition of Spiffy Wireless identify? How should Midland States Telecom account for this asset after acquiring Spiffy Wireless? Explain in detail