Consider each of the transactions below independently. All of the expenditures were made in cash. 1. During 2020, PC Software Inc. paid $90,000 for five acres of land with a building that will be used as a warehouse. According to appraisals, the land had a fair value of $60,000 and the building had a fair value of $40,000.. 2. The Edison Company spent $32,000 during the year for experimental purposes in connection with the development of a new product. 3. The Johnson Company traded its old machine with an original cost of $7,400 and a book value of $3,000 plus cash of $8,000 for a new one that had a fair value of $10,000. Required: Prepare all necessary journal entries to record each of the above transactions. Note: You may create a table as follows to organize your journal entries. Date 1 Cash Sales Revenue Account titles Debit Credit 10,000 10,000