Uptown Telecom, a communication service provider in Iowa, Nebraska, the Dakotas, and Montana had the following transactions related to its intangibles during the year: 

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.

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Feb. 13 Apr. 1 Oct. 1 Dec. 31 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. Paid $600,000 to acquire a patent. Uptown Telecom believes the patent's useful life will be 10 years. Paid $620,000 for the trademark "Fast as Lightning" with a useful life of 20 years. Recorded amortization expense (separately) for the patent and trademark.