Question: At the beginning of 2014 Salinas Company incurred the following

At the beginning of 2014, Salinas Company incurred the following start-up and organization costs: (1) attorneys’ fees with a market value of $10,000, paid with 6,000 shares of $1 par value common stock, and (2) incorporation fees of $6,000 cash. Calculate total start-up and organization costs.
What will be the effect of these costs on the income statement and balance sheet?

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  • CreatedMarch 26, 2014
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