please help please show work 459617
Freitas Corporation was organized early in 2011. The following expenditures were made during the first few months of the year:
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Attorneys’ fees in connection with the organization of the corporation Don't use plagiarized sources. Get Your Custom Essay on
please help please show work 459617
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$12,000 |
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State filing fees and other incorporation costs |
3,000 |
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Purchase of a patent |
20,000 |
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Legal and other fees for transfer of the patent |
2,000 |
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Purchase of furniture |
30,000 |
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Pre-opening salaries |
40,000 |
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Total |
$107,000 |
Required:
Prepare a summary journal entry to record the $107,000 in cash expenditures.
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