Please provide explanations of how you found each of the answers.

Prepare Journal Entries for the numbers below:

1. The Edison Company spent $12,000 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 $7,500

3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $6,000 down and signed a noninterest-bearing note requiring the payment of $18,000 in nine months. The cash price for this equipment was $23,000.

4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $28,000.

5. The Mayer Company, plaintiff, paid $12,000 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 $10,000. The old equipment had an original cost of $7,400 and a book value of $3,000 at the time of the trade. Johnson also paid cash of $8,000 as part of the trade. The exchange has commercial substance.

11 Problem 10-5 (Static) Acquisition costs; journal entries (LO10-1, 10-3, 10-6, 10-8] 4 -ints Consider each of the transactions below. All of the expenditures were made in cash. Skipped eBook References 1. The Edison Company spent $12,000 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 $7,500. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $6,000 down and signed a noninterest-bearing note requiring the payment of $18,000 in nine months. The cash price for this equipment was $23,000. 4. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $28,000. 5. The Mayer Company, plaintiff, paid $12,000 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 $10,000. The old equipment had an original cost of $7,400 and a book value of $3,000 at the time of the trade. Jo son paid of ,000 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 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.)