Question
Intangible asset cost Freitas Corporation was organized early in 2016. The following expenditures were made during the first few months of the year: All expenditures
Intangible asset cost
Freitas Corporation was organized early in 2016. The following expenditures were made during the first few months of the year: All expenditures were made in cash.
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. Please provide steps and calculation.
Thanks.
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