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Consder each of the transactions below Nit of the expenditures were made in cash 1. The Edison Compary spent 531,000 during the year for experimentat purposes in connection with the development of a new product 2. In Aprid, the Marshall Company lost a patent infringement suit and paid $11,500 in legal fees to the plaintiff 3 In Moth, the Clearmay Laundromat bought equipment Clearnway pasd $25,000 down and signed a noninterest-beating note requing the payment of $27,500 in nine months. The cash price for this equipment was $44,000 4 On June 1 , the Jamsen Corporation installed a sprinkler system throughout the bulding at a cost of $47,000 5. The Mayer Company. plaintift, paid $3t,000 in legal fees in Nowember, in connection with a successful infringement suit on its patent. 6. The Johnson Compary traded its old equipment for new equipenent. The new equipment has a fair value of 515,700 . The okd equipment had an original cost of $76,900 and a book value of $8,700 at the time of the trade Johnson also paid cash of 511,800 as part of the trade. The exchange has commercal substance Required: Prepare journat entres to record each of the above transactions Complete this question by entering your answers in the tabs bolow. Prepare journal entries to record each of the above transactions i to 5 Note: If no entry is required for a transaction/event, oflect "No fournal entry requiled" in the firat account field Journal entry worksheet 2 5 The Edison Company spent $31,000 during the year for experimental purposes in connection with the development of a new product. Note: Enter debits before credis. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of the above transactions 1 to 5. Note: if no entry is required for a transaction/event, solect "No journal entry required" in the first account field. Journal entry worksheet 5 The Edison Company spent $31,000 during the year for experimental purposes in connection with the development of a new product. Note: Enter debits before credits. Journal entry worksheet In April, the Marshall Company lost a patent infringement suit and paid $11,500 in legal fees to the plaintiff. Note: Enter debsts before credits. Journal entry worksheet In March, the Cleanway Laundromat bought equipment. Cleanway paid $25,000 down and signed a noninterest-bearing note requiring the payment of $27,500 in nine months. The cash price for this equipment was $44,000. Note: Enter debits beforn credits. Prepare journal entries to record each of the above transactions 1 to 5 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet On June 1, the Jamsen Corporation installed a sprinkler systern throughout the building at a cost of $47,000. Complete this question by entering your answers in the tabs below. Prepare journal entry to record the above transaction 6. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field Journal entry worksheet The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $15,700, The old equipment had an original cost of $16,900 and a book value of $8,700 at the time of the trade. Johnson also paid cash of $11,800 as part of the trade. The exchange has commercial

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