Freitas Corporation was organized early in 2016. The following expenditures were made during the first few months of the year:

Attorneys fees in connection with the organization of the corporation	$	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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the cash expenditures.