Cartwright Corporation The following transactions occurred during Cartwright Corporation's first year of operations 17,500 7,500 15,000 Jan. 2 Incorporation fees Legal fees for the organization of the company Paid for large-scale advertising for the year Acquired land for $15,000 and a building for $20,000 to house several R&D projects. The building has a 20-year life Purchased materials exclusively for use in a single R&D project. O:f these, 20% are still on hand at year-end and have no alternative use Costs to obtain patent Purchased an experimental machine from an inventor. The machine will be used for a particular R&D project for 2 years, after which it will have no residual value Paid employees involved in R&D Jan. 11 Jan. 25 April 1 35,000 May 15 15,000 10,000 June 30 Dec. 11 12,000 30,000 Dec. 31 Required Prepare journal entries (including adjusting entries) for the above transactions. Patents are to be amortized over 10 years. Amortization and depreciation are calculated to the nearest whole month. Check figures Total debits to various accounts include: Start-up Expenses, $25,000; Research and Development Expense S57,750; Patent Amortization Expense, $500