midland telecom provides communication services in iowa nebraska the dakotas and montana

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Requirements
1. Journalize the entry to record Midland’s purchase of Shipley Wireless for $ 320,000 cash plus a $ 480,000 note payable.
2. What special asset does Midland’s acquisition of Shipley Wireless identify? How should Midland Telecom account for this asset after acquiring Shipley Wireless? Explain in detail.