Uptown Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: View the transactions. Read the requirements. Requirement 1. Journalize the entries to record Uptown Telecom's transactions during the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) .. Feb. 13: Uptown Telecom purchased Southeast Wireless Enterprises for $320,000 cash plus a $480,000 note payable. Southeast Wireless Enterprises' book value of assets was $750,000. Southeast Wireless Enterprises' fair value of assets and liabilities was $1,000,000 and $530,000, respectively. Accounts and Explanation Date Feb. 13 Debit Credit F Incorrec

Transactions \begin{tabular}{ll} \hline Feb. 13 & \begin{tabular}{l} Uptown Telecom purchased Southeast Wireless Enterprises for $320,000 cash plus a $480,000 note \\ payable. Southeast Wireless Enterprises' book value of assets was $750,000. Southeast Wireless \end{tabular} \\ Enterprises' fair value of assets and liabilities was $1,000,000 and $530,000, respectively. \\ Apr. 1 & Paid $600,000 to acquire a patent. Uptown Telecom believes the patent's useful life will be 10 years. \\ Oct. 1 & Paid $620,000 for the trademark, "Fast as Lightening," with a useful life of 20 years. \\ Dec. 31 & Recorded amortization expense (separately) for the patent and trademark. \end{tabular} Requirements 1. Journalize the entries to record Uptown Telecom's transactions during the year. 2. What special asset does Uptown Telecom's acquisition of Southeast Wireless Enterprises identify? How should Uptown Telecom account for this asset after acquiring Southeast Wireless Enterprises? Explain in detail. Uptown Telecom, a communication service provider in lowa, Nebraska, the Dakotas, and Montana had the following. transactions related to its intangibles during the year: View the transactions. Read the requirements. Requirement 1. Journalize the entries to record Uptown Telecom's transactions during the year. (Recordjlebits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 13: Uptown Telecom purchased Southeast Wireless Enterprises for $320,000 cash plus a $480,000 note payable. Southeast Wireless Enterprises' book value of assets was $750,000. Southeast Wireless Enterprises' fair value of assets and liabilities was $1,000,000 and $530,000, respectively