Learning Objective 5 LIHUVU and sold 65,000 bar- implans transactions, including depletion for the first year. p9-34A Accounting for intangibles 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: Book value of assets $750,000 Market value of assets 900,000 Market value of liabilities 550,000 1. Goodwill $650,000 Requirements 1. Journalize the entry to record Middle's purchase of Shipley Wireless for $400,000 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