Sujo Ltd. commenced operations in early 2019. The company incurred HK$60,000,000 of costs such as fees to

Question:

Sujo Ltd. commenced operations in early 2019. The company incurred HK$60,000,000 of costs such as fees to underwriters, legal fees, governmental fees, and promotional expenditures during its formation. Prepare journal entries to record the HK$60,000,000 expenditure and 2019 amortization, if any.