Midland 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 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 Telecom purchased Spiffy Wireless Enterprises for $520,000 cash plus a $780,000 note payable. Spiffy's book value of assets was $1,000,000. Spiffy's market value of assets and liabilities was $1,800,000 and $880,000, respectively. Date Accounts and Explanation Debit Credit - X Feb. 13 Requirements 1. Journalize the entries to record Midland Telecom's transactions during the year. 2. What special asset does Midland Telecom's acquisition of Spiffy Wireless identify? How should Midland Telecom account for this asset after acquiring Spiffy Wireless? Explain in detail. Print Done More Info Feb. 13 Apr. 1 Midland Telecom purchased Spiffy Wireless Enterprises for $520,000 cash plus a $780,000 note payable. Spiffy's book value of assets was $1,000,000. Spiffy's market value of assets and liabilities was $1,800,000 and $880,000, respectively. Paid $600,000 to acquire a patent. Midland believes the patent's useful life will be 10 years. Paid $780,000 for the trademark, "Bolt Fast," with a useful life of 20 years. Recorded amortization expense (separately) for the patent and trademark. Oct. 1 Dec. 31 Print Done