Consider each of the transactions below. All of the expenditures were made in cash 1. The Edison Company spent $25,000 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 $8,500 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $19,000 down and signed a noninterest-bearing note requiring the payment of $24,500 in nine months. The cash price for this equipment was $38,000 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $41.000 5 The Mayer Company, plaintiff, paid $25,000 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 $13,900 The old equipment had an original cost of $13,900 and a book value of $6,900 at the time of the trade. Johnson also paid cash of $10,600 as part of the trade. The exchange has commercial substance Required: Prepare journal entries to record each of the above transactions. Answer is not complete. Complete this question by entering your answers in the tabs below. Retur 1 No: Transaction General Journal Debit Credit 1 Research and development expense 25.000 Cash 25,000 2 2 Legal fees expense Cash 8,500 8,500 3 3 Equipment 38,000 Discount on notes payable 5,500 Cash 19.000 Notes payable 24,500 4 4 Building (sprinkler system) 41,000 Cash 41,000 55 5 Patent Cash 25,000 25.000 Answer is not complete. Complete this question by entering your answers in the tabs below.. 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.) No Transaction General Journal 1 1 Accumulated depreciation Loss on exchange of assets