search & Development She Problem 10-5 (Static) Acquisition costs: journal entries (LO10-1, 10-3, 10-6, 10-8] Consider each of the transactions below. All of the expenditures were made in cash. 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. Required: D Prepare journal entries to record each of the above transactions Complete this question by entering your answers in the tabs below. Transactions 1 tos Transaction 6 Prepare Journal entries to record each of 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.) O