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 ..... $ 9,000
Purchase of a patent .............. 40,000
Legal and other fees for transfer of the patent ...... 2,500
Preopening employee salaries ........... 80,000
Total .................... $ 131,500

Required:
Record the $ 131,500 in cash expenditures.



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  • CreatedJuly 15, 2014
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