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More info Feb. 13 Mid East Telecom purchased Surley Wireless Enterprises for $640,000 cash plus a $960,000 note payable. Surley's book value of assets was $900,000. Surley's market value of assets and liabilities was $1,500,000 and $800,000, respectively. Apr. 1 Paid $650,000 to acquire a patent. Mid East believes the patent's useful life will be 10 years. Oct. 1 Paid $680,000 for the trademark, "Faster than Fast," with a useful life of 20 years. Dec. 31 Recorded amortization expense (separately) for the patent and trademark: Requirements 1. Journalize the entries to record Mid East Telecom's transactions during the year. 2. What special asset does Mid East Telecom's acquisition of Surley Wireless identify? How should Mid East Telecom account for this asset after acquiring Surley Wireless? Explain in detail