Freitas Corporation was organized early in 2011. The following expenditures were made during the first few months of the year:
| 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 For $10/Page 0nly | $12,000 |
| State filing fees and other incorporation costs | 3,000 |
| Purchase of a patent | 20,000 |
| Legal and other fees for transfer of the patent | 2,000 |
| Purchase of furniture | 30,000 |
| Pre-opening salaries | 40,000 |
| Total | $107,000 |
Required:
Prepare a summary journal entry to record the $107,000 in cash expenditures.
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