Midland states telecom communication service provider in Iowa Nebraska the Dakotas and Montana had the following transactions related to its intangibles during the year.

More info the journal entry table Feb. 13 Vs market value of a Apr. 1 Oct. 1 Midland States Telecom purchased Surety Wireless Enterprises for $680,000 cash plus a $1,020,000 note payable Surety's book value of assets was $1,200,000. Surety's market value of assets and liabilities was $2,000,000 and $800,000 respectively Paid $300,000 to acquire a patent Midland States believes the patent's useful life will be 10 years Paid $680,000 for the trademark, "Faster than Fast with a useful life of 20 years Recorded amortization expense (separately) for the patent and trademark Dec. 31 Print Done Requirements 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 Surety Wireless identify? How should Midland States Telecom account for this asset after acquiring Surety Wireless? Explain in detail