(Answered) Nolan enterprises reported the following transactions in

Accounting

Nolan Enterprises reported the following transactions in its financial records:

1) Incurred $158,000 costs on a research project. Filed for a patent at a cost of $34,000. The patent is expected to produce profits over a 4 year period.

2) Purchased a customer list from a research company for a cost of $187,500. the list is expected to benefit the company over a 3 year period.

For both transactions, record the journal entry that Nolan would have made. Assume cash was paid on all purchases.

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