Question

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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  • CreatedJuly 15, 2014
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