Transactions during 2013 of the newly organized Menlove Corporation included the following: Jan. 2 Paid legal fees

Question:

Transactions during 2013 of the newly organized Menlove included the following:
Jan. 2 Paid legal fees of $15,000 and stock certificate costs of $8,300 to complete organization of the Hired a clown to stand in front of the corporate office for two weeks and hand out pamphlets and candy to create for the new enterprise. Clown cost, $1,000; pamphlets and candy, $500.
Apr. 1 Patented a newly developed process with costs as follows:
Legal fees to obtain patent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $42,900
Patent application and licensing fees . . . . .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,350
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $49,250
It is estimated that in six years other companies will have developed improved processes, making the Menlove process obsolete.
May 1 Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 600 shares of Menlove no-par selling for $50 per share. The license is worth twice as much as the trademark, both of which may be used for six years.
July 1 Constructed a shed for $131,000 to house prototypes of experimental models to be developed in future research projects.
Dec. 31 Incurred salaries for an engineer and chemist involved in product development totaling $175,000 in 2013.
Instructions:
1. Give journal entries to record the preceding transactions. (Ignore amortization of .)
2. Present the section of Menlove Corporation's at December 31, 2013.
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