The following costs were paid during the year:

Purchase of customer list $ $26,000$

Costs for internally developed customer list $ $13,000$

Purchase of patent for new product $ $34,000$

Legal fees related to patent $($above$)$ $ $5,500$

Start$-$up costs relating to new product $ $15,000$

Required:

Prepare the journal entries to record the costs. Note: Label all items not capitalized as $$operating expense$($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

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