Midland telecom, communication service provider in iowa, nebraska, the dakotas, and montana haf the following transactions:

Midland Felecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following transactons related to its intangblos during the year (i) (Click the icon to viow the transactions) Read the tequirments Requirement 1. Joumalibe the entrles to record Midind Telecomis transactions during the year (Record debits fint, then crodits. Select the explanation on the last line of the jouna entry table) Feb. 13 Midland Telecom purchased Sugar Wiroless Enterpiises for $640,000 cash plus a $960,000 nole payable. Sugar's book value of assets was $1,300,000. Sugar's niakket value of assets and liablities was $2,000,000 and $510,000, 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 Sugar Wireless identify? How should Midland Telecom account for this asset after acquiring Sugar Wireless? Explain in detail