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.