Consider each of the transactions below. All of the expenditures were made in cash, 1. The Edison Company spent $20,000 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 $6,000 3. In March, the Cleanway Laundromat bought equipment Cleanway paid $14.000 down and signed a noninterest-bearing note requiring the payment of $22.000 in nine months. The cash price for this equipment was $33,000 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $36,000 5. The Mayer Company, plaintift, paid $20,000 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 $12,400. The old equipment had an original cost of $11.400 and a book value of $5,400 at the time of the trade Johnson also paid cash of $9,600 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 to 5 Transaction 6 a Prepare journal entries to record each of the above transactions 1 to 5. Of 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 Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $12,400. The old equipment had an original cost of $11,400 and a book value of $5,400 at the time of the trade. Johnson also pald cash of $9,000 as part of the trade. The exchange has commercial Noter Enter debits before credits General Journal Transaction 1 Debit Credit Record entry Clear entry View general journal