Conslder each of the transactions below. All of the expenditures were made In cash. 1. The Edison Company spent $30,000 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 pald the plaintiff $11,000. 3. In March, the Cleanway Laundromat bought equipment. Cleanway pald $24,000 down and signed a noninterest-bearing note requiring the payment of $27,000 In nine months. The cash price for thls equlpment was $43,000 4. On June 1, the Jamsen Corporation Installed a sprinkler system throughout the bullding at a cost of $46,000 5. The Mayer Company, plaintiff, paid $30,000 In legal fees In November, In connection with a successful Infringement sult on its patent. 6. The Johnson Company traded Its old machine with an original cost of $16,400 and a book value of $8,400 plus cash of $11,600 for a new one that had a falr value of $15,400. The exchange has commercial substance. Required Prepare Journal entries to record each of the above transactions. (If no entry Is required for a trensactlon/event, select "No Journal entry requlred" In the first account field.) View transaction list Journal entry worksheet 4 The Edison Company spent $30,000 during the year for experimental purposes in connection with the development of a new product. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal