Midland Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the folowing transactions related to its intang bies dunng the year: (i) (Click the icon to view the transactons) Read the teavirements: Requirement 1. Journalize the entres to record Midland Telecom's transactions doring the year. (Rectord debis fint then credts Select the explanation on the las! ine of the journal entry table.) Feb. 13: Midland Telecom purchased Shiley Wiveless Enterprises for $320,000 cash plus a $480,000 note payable. Shipley's bock value of assets was $500,000. Shipley's market value of ancots and liabilibes was $800,000 and $480,000, respectively More info \begin{tabular}{|c|c|} \hline Feb. 13 & \begin{tabular}{l} Midland Telecom purchased Shipley Wireless Enterprises for $320,000 cash plus a $480,000 note \\ payable. Shipley's book value of assets was $500,000. Shipley's market value of as $ ats and \\ liabilitie's was $800,000 and $480,000, respectively. \end{tabular} \\ \hline Apr. 1 & Paid $700,000 to acquire a patent. Midland believes the patent's useful life will be 10 years. \\ \hline Oct. 1 & Paid $980,000 for the trademark, "Faster than Fast," with a useful life of 20 years. \\ \hline Dec. 31 & Recorded amortization expense (separately) for the patent and trademark. \\ \hline \end{tabular} Requirements 1. Journalize the entries to record Midland Telecom's transactions during the year. 2. What special asset does Midland Telecom's acquisition of Shipley Wireless identify? How should Midland Telecom account for this asset after acquiring Shipley Wireless? Explain in detail