rels of oil. Record all ot Chapman's transactions, including depletion for the first year. P9-34A Accounting for intangibles Learning Objective Middle Telecom provides communication services in lowa, Nebraska, the Dakotas and Montana. Middle purchased goodwill as part of the acquisition of Shipley Wireless Enterprises, which had the following figures: 1. Goodwill $650,000 Book value of assets Market value of assets Market value of liabilities 750,000 900,000 550,000 Requirements 1. Journalize the entry to record Middlespurchase of Shipley Wireles for $40,000 cash plus a $600,000 note payable. 2. What special asset does Middle's acquisition of Shipley Wireless identify? How should Middle Telecom account for this asset after acquiring Shipley Wireless? Explain in detail