Question
Blue Corporation commenced operations in early 2020. The corporation incurred $64,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures
Blue Corporation commenced operations in early 2020. The corporation incurred $64,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation.
Prepare journal entries to record the $64,000 expenditure and 2020 amortization, if any.
| Account Titles and Explanation | Debit | Credit |
|---|---|---|
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| (To record organization expense) | ||
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| (To record amortization expense) |
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Financial Accounting A Global Approach
Authors: Sidney J. Gray, Belverd E. Needles
1st Edition
9780395839867
