Angular - how to display the selected's label of dropdown on the md-table when data is bind

The md-table is bind to data assets where application_id is an integer.

The dropdown is populated with possible values with: Value = application_id, Label = application_name

The table is editable which allows user to pick from the dropdown. How do I show label of the dropdown on the table but it still binds to the data - assets at the same time.

<table id="md-table" class="sa_table">
<thead>
<tr class="md-tr">
<th class="md-td md-td-border label-header centertext p-2" style='width:15%'>Application Name</th>
</tr>
</thead>
<tbody id="md-tbody">
<tr class="md-tr" ng-repeat="asset in assets">
<td class="md-td md-td-border value centertext p-2">
<simple ng-model="asset.asset_elements['description']"></simple>
</td>
<td class="md-td md-td-border value centertext p-2">
<drop-down class="title" ng-model="asset.asset_elements['application_id']" ></drop-down>
</td>
</tr>
</tbody>
</table>


<div class='{{ asset_element.get_classes(); }}' >
<div class='dropdown_view reg_view {{ asset_element.get_view_classes(); }}' ng-if="asset_element.get_possible_values().length && asset_element.mode == 'regular'" ng-dblclick="asset_element.double_click();" ng-click='asset_element.single_click();'>{{ asset_element.get_value() }}
<i class='no_val' ng-if=" ! asset_element.get_value() && asset_element.can_edit() ">{{ asset_element.empty_display(); }}</i>
<i class="fas fa-pen-square" ng-if="asset_element.can_edit()"></i>
</div>

<div layout="row" class="input-group simple_edit {{ asset_element.get_edit_classes(); }}" ng-if="asset_element.mode == 'edit'">
<div flex=5></div>
<md-input-container class="dropdown_container" md-theme="input" flex>
<label class="simple_label">{{ asset_element.get_title() }}</label>
<md-select ng-model="asset_element.md_object" id='{{ asset_element.get_key() }}' md-theme="input" class="form-control" ng-click="selclicked($event)" ng-change="asset_element.changed();">
<md-option ng-if="asset_element.allow_null()" value=''>--</md-option>
<md-option ng-repeat="pv in asset_element.get_possible_values()" value="{{ pv.value }}" ng-selected="asset_element.has_value(pv.value)">{{ pv.label }}</md-option>
</md-select>
</md-input-container>
<div flex=5></div>
<md-button flex='none' class="md-raised" md-ink-ripple="false" ng-click="asset_element.update();" ng-if='asset_element.has_save_button();'><md-icon md-font-icon="far fa-save" ></md-icon></md-button>
<md-button flex='none' class="md-raised" md-ink-ripple="false" ng-click="asset_element.mode='regular'" ng-if='asset_element.has_cancel_button();'><md-icon md-font-icon="fa fa-times" ></md-icon></md-button>
</div>
<required-badge ng-if="asset_element.is_required() && asset_element.can_edit()" ng-model="asset_element"></required-badge>
</div>

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