Brick Oven Corporation was organized early in 2015 The following
Brick Oven Corporation was organized early in 2015. The following expenditures were made during the first few months of the year:
Attorneys’ fees to organize the corporation ....... $ 7,000
Purchase of a patent ................ 20,000
Legal and other fees for transfer of the patent ..... 3,000
Employee salaries ................ 30,000
Total ...................... $ 60,000

Required:
Record the $60,000 in cash expenditures.

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