Below are selected journal entries that were made by Zonker Company:

1. The $2,000 cost for the installation of fences around company property was debited to the Land account.

2. The $500 of unpaid property taxes related to the purchase of a piece of Land were debited to the Property Tax Expense account.

3. The $1,000 in interest costs during construction ( on money borrowed to build a new building ) were debited to the Building account.

4. The $250 charge for insurance costs during transportation ( for a newly purchased piece of equipment ) was debited to Insurance Expense.

5. Zonker Company spent $7,000 in research costs. These costs were debited to the Research Expense account.

6. The company spent $1,500 in legal fees to successfully defend one of its patents in court. This amount was debited to the Legal Fees Expense account.

7. The $3,000 cost to install a new motor in a company delivery truck was debited to the Vehicles account.

8. The company debited $1,200 to the Amortization Expense account related to one of its trademarks ( part of a year-end adjusting journal entry ).

Instructions:

Make a correcting entry ( if necessary ) for each of the above transactions. If the entry that was made is correct, then state "No correcting entry required." Assume cash was paid for all of the above transactions ( except Transaction #8 ). (1 mark each)