Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year:

Attorneys fees in connection with the organization of the corporation	$ 14,300
State filing fees and other incorporation costs	5,600
Purchase of a patent	22,000
Legal and other fees for transfer of the patent	3,800
Purchase of equipment	32,000
Preopening salaries and employee training	42,300
Total	$ 120,000

Required:

Prepare a summary journal entry to record the $120,000 in cash expenditures.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.