More info Feb. 13 Apr. 1 Midland States Telecom purchased Sheldon Wireless Enterprises for $640,000 cash plus a $960,000 note payable, Sheldon's book value of assets was $900,000. Sheldon's market value of assets and liabilities was $1,200,000 and $590,000, respectively, Paid $350,000 to acquire a patent. Midland States believes the patent's useful life will be 10 years. Paid S680,000 for the trademark, "Flicker Fast with a useful life of 20 years, Recorded amortization expense (separately) for the patent and trademark Oct. 1 Dec. 31 Print Done Etext pages Get more help Clear all htangit 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 Sheldon Wireless identify? How should Midland States Telecom account for this asset after acquiring Sheldon Wireless? Explain in detail. planation Issets wa: Print Done Part 1 of 7 Points: 0 of 2 Save Midland States Telecom, a communication service provider in lowa, Nebraska, the Dakotes, and Montana had the following transaction related to its intangibles during the your Click the icon to view the transaction) Read the fauitement Requirement 1. Joumalize the entries to record Midiand States Telecom's transactions during the year. (Record debits fiest, non credite Select the explanation on the last line of the journal Feb. 13: Midiand States Telecom purchased Sheldon Wireless Enterprises for $640,000 cash plus a $900,000 note payable Sheldon's book value of assets was $900,000. Sheldon's entry table.) market value of assets and abilities was $1,200.000 and $590,000, respectively Date Accounts and Explanation Debat Credit Fob 13 Clear all Check answer Help me solve this Etext pages Get more help Next Previous