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.)

1. Prepare the journal entry to record the purchase of a customer list:
2. Prepare the journal entry to record the costs to related to an internally developed customer list:
3. Prepare the journal entry to record the costs to related to the patent
4. Prepare the journal entry to record the start-up costs relating to a new product: