Consider cach of the transactions below. All of the expenditures were made in cash 1. The Edison Company spent $12,000 during the year for experimental purposes in connection with the development of a new product 2. in April, the Marshall Company lost a patent infringement suit and paid the plaintiff $7,500 3. In March, the Cleanway Laundromat bought equipment Cleanway paid $6,000 down and signed a noninterest-bearing note requiring the payment of $18,000 in nine months. The cash price for this equipment was $23,000 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $28,000 5. The Mayer Company, plaintiff, paid $12,000 in legal fees in November in connection with a successful infringement suit on its patent 6. The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $10,000. The old equipment had an original cost of $7.400 and a book value of $3,000 at the time of the trade. Johnson also paid cash of $8,000 part of the trade. The exchange has commercial substance. Required: Prepare journal entries to record each of the above transactions hur halow Transactions 1 to 5 Transaction 6 Prepare journal entry to record the above transaction 6. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet