Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $31,000 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 poid $11,500 in legal fees to the plaintiff, 3. 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. 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $47,000. 5. The Mayer Company, plaintift, paid $31,000 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 $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 substance. Required: Prepare journal entries to record each of the above transactions. 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, select "No journal entry required" in the first account field. Journal entry worksheet The Edison Company spent $31,000 during the year for experimental purposes in connection with the development of a pew product. Wote: finer debits before creditm. 1. The Edison Company spent $31,000 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 $11,500 in legal fees to the plaintiff. 3. In March, the Cleamway 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. 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the bullding at a cost of $47,000. 5. The Mayer Company, plaintift, paid $31,000 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 $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 commercidil substance. Required: Prepare journal entries to record each of the above transactions. Complete this question by entering your answers in the tabs below. Prepare journal enty to record the above transaction 6. Note: if no entry if required for a transactionvevent, select "No journal 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 Wote: Enter debits befere eredits
