Sheffield Corporation commenced operations in early 2020. The corporation incurred $56,500of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation.

Prepare journal entries to record the $56,500expenditure and 2020 amortization, if any.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title to record organization expense

enter a debit amount

enter a credit amount

enter an account title to record organization expense

enter a debit amount

enter a credit amount

(To record organization expense)enter an account title to record amortization expense

enter a debit amount

enter a credit amount

enter an account title to record amortization expense

enter a debit amount

enter a credit amount

• (To record amortization expense)