Consider each of the transactions below. All of the expenditures were made in cash. 1. The...

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Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $28,000 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 sult and paid $10,000 in legal fees to the plaintiff. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $22,000 down and signed a noninterest-bearing note requiring the payment of $26,000 in nine months. The cash price for this equipment was $41,000. 4. On June 1, the Jamsen Corporation Installed a sprinkler system throughout the building at a cost of $44,000. 5. The Mayer Company, plaintiff, paid $28,000 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 $14,800. The old equipment had an original cost of $15,400 and a book value of $7,800 at the time of the trade. Johnson also paid cash of $11,200 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. Transactions 1 to 5 Transaction 6 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. View transaction list Journal entry worksheet 1 2 345 The Edison Company spent $28,000 during the year for experimental purposes in connection with the development of a new product. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 1 2 3 5 In April, the Marshall Company lost a patent infringement suit and paid $10,000 in legal fees to the plaintiff. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit < 1 2 3 4 5 In March, the Cleanway Laundromat bought equipment. Cleanway paid $22,000 down and signed a noninterest-bearing note requiring the payment of $26,000 in nine months. The cash price for this equipment was $41,000. Note: Enter debits before credits. Transaction General Journal 3 Debit Credit ^ > 1 2 3 4 5 On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $44,000. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit > < 1 2 3 4 5 The Mayer Company, plaintiff, paid $28,000 in legal fees in November, in connection with a successful infringement suit on its patent. Note: Enter debits before credits. Transaction 5 General Journal Debit Credit Journal entry worksheet < 1 The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $14,800. The old equipment had an original cost of $15,400 and a book value of $7,800 at the time of the trade. Johnson also paid cash of $11,200 as part of the trade. The exchange has commercial substance Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

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