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 Simpson Wireless Enterprises for $600,000 cash plus a $900,000 note payable. Simpson's book value of assets was $1,200,000. Simpson's market value of assets and liabilities was $1,900,000 and $560,000, respectively. Requirements 1. Journalize the entries to record Midland Telecom's transactions during the year. 2. What special asset does Midland Telecom's acquisition of Simpson Wireless identify? How should Midland Telecom account for this asset after acquiring Simpson Wireless? Explain in detail. 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 Simpson Wireless Enterprises for $600,000 cash plus a $900,000 note payable Simpson's book value of assets was $1,200,000. Simpson's market value of assets and liabilities was $1,900,000 an $560,000, respectively. More info