Brick Oven Corporation was organized early in 2015. The following expenditures were made during the first few
Question:
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.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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