To Do ter 10 Pre-Built Problems Help Save& Exit Submit 12 Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $16,000 during 2. In April, the Marshall Company lost a patent infringement suit and the year for experimental purposes in connection with the development of a new 3. In March, the Cleanway Laundromat t bought equipment. Cleanway paid $10,000 down and signed a noninterest-bearing note equipment requiring the payment of $20,000 in nine months. The cash price for this equipment 4. On was $27,000. June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $32,000. patent. new one that had a fair value of $11,200. The exchange has commercial substance. eBook 5. The Mayer Company, plaintiff, paid $16,000 in legal fees in November, in connection with a successful infringement suit on its Print Johnson Company traded its old machine with an original cost of $9.400 and a book value of $4,200 plus cash of $8,800 for a Required: no entry is required for a tran saction/event, select "No journal entry required" in the first account field.) View Journal entry worksheet The Edison Company spent $16,000 during the year for experimental purposes in connection with the development of a new product.