posted earlier, but told the images were blurred, so i typed it in a word doc. thanks!!

Midland Telecom, a communication service provider in lowa Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: Requirement 1: Journalize the entries to record Midland Telecom's transactions during the year: (Record Debits first then Credits) Feb 13: Midland Telecom purchased Simpson Wireless Enterprises for $680,000 cash plus a $1,020,000 note payable. Simpsons book value of assets was $1,200,000. Simpsons market value of assets and liabilities was $2,000,000 and $880,000 respectively. April 1: Paid $350,000 to acquire a patent. Midland believes the patent's useful life will be 10 years. Oct 1: Paid $740,000 for the trademark, "Faster than Fast", with a useful life of 20 years, Dec 31: Recorded amortization expenses separately) for the patent and trademark 2 entries!! Start by recording amortization expense for the patent. You will be asked to record the amortization expense for the trademark in the next step. (Do not round calculation. Enter your final answers to the nearest whole dollar) Record the amortization expense for the trademark. (Do not round calculation. Enter your final answers to the nearest whole dollar) Requirement 2/what special asset does Midland Telecoms acquisition of Simpsons wireless identify? How should Midland Telecom account for this asset after acquiring Simpsons Wireless? Explain in detail. What special assets does Midland Telecoms acquisition identify? The acquisition identifies the asset How should Midland Telecom account for this asset when acquiring Simpson Wireless? Explain in detail Midland Telecom should measure the of this asset each year. If this asset has Increased in value, Midland should If the value of the asset has decreased, Midland should