Fontenot Corporation was organized in 2014 and began operations at the beginning of 2015. The company is

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Fontenot Corporation was organized in 2014 and began operations at the beginning of 2015. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.

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Instructions

(a) Compute the total amount of organization costs incurred by Fontenot.

(b) Prepare the journal entry to record organization costs for 2015.

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Mar 23, 2024 08:02 AM

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Fontenot Corporation was organized in 2014 and began operations at the beginning of 2015. The company is

Question:

Attorney's fees in connection with organization of the company 17,000 Purchase of drafting and design equipment 10,000 Costs of meetings of incorporators to discuss organizational activities 7,000 Government filing fees to incorporate 1,000 35,000

Step by Step Answer:

a The total amount of organization costs incurred by Fontenot is 350...View the full answer

Intermediate Accounting IFRS Edition

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