At the beginning of 20x3, Shea Company incurred the following start-up and organization costs: (1) attorneys' fees
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At the beginning of 20x3, Shea Company incurred the following start-up and organization costs: (1) attorneys' fees with a market value of $5,000, paid with 3,000 shares of $1 par value common stock, and (2) incorporation fees paid of $3,000. Calculate total start-up and organization costs. What will be the effect of these costs on the balance sheet and income statement? SE-3
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