Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $24,000 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 $8,000. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $18,000 down and signed a noninterest- bearing note requiring the payment of $24,000 in nine months. The cash price for this equipment was $37,000. 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $40,000. 5. The Mayer Company, plaintiff, paid $24,000 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 $13,600. The old equipment had an original cost of $13,400 and a book value of $6,600 at the time of the trade. Johnson also paid cash of $10,400 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. Transac... Transac... 1 to 5 6 Prepare journal entries to record each of the above transactions 1 to 5. (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 The Edison Company spent $24,000 during the year for experimental purposes in connection with the development of a new product. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Transactions 1 to 5 Transaction 6 > Complete this question by entering your answers in the tabs below. Transac... Transac... 1 to 5 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 >