Complete Exercise 12-13\ \ Davis Research Company engaged in the following 5 transactions during 2019:\ \ 1. Purchased a patent for $35,000. Legal costs of $5,000 were also incurred.\ \ 2. Costs paid to improve patent:\ \ Engineering costs$20,000\ \ Assembling and testing prototypes 10,000\ \ Other R&D costs25,000\ \ 3. Licensed a manufacturing process to another company and received $80,000 as an advance payment.\ \ 4. Successfully defended a patent infringement suit at a cost of $12,000.\ \ 5. Earned $5,000 of the advance payment on the licensed manufacturing process in Item 4. \ \ Required: Prepare journal entries to record the preceding transactions.