Brick Oven Corporation was organized early in 2015 The following expenditures were made during the first few months of the year Attorneys fees to organize the corporation $ 9,000 Purchase of a patent 40,000 Legal and other fees for transfer of the patent 2,500 Preopening employee salaries 80,000 To...

Brick Oven Corporation was organized early in 2015. The following expenditures were made during the first few

Question:

Brick Oven was organized early in 2015. The following expenditures were made during the first few months of the year:
Attorneys’ fees to organize the ..... $ 9,000
Purchase of a patent .............. 40,000
Legal and other fees for transfer of the patent ...... 2,500
Preopening employee salaries ........... 80,000
Total .................... $ 131,500

Required:
Record the $ 131,500 in cash expenditures.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...