Freitas Corporation was organized early in 2021. The following expenditures were made during the first few months of the year:

Required:Prepare a summary journal entry to record the $107,000 in cash expenditures.

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$ 12,000 Attorneys' fees in connection with the organization of the corporation State filing fees and other incorporation costs Purchase of a patent Legal and other fees for transfer of the patent Purchase of equipment Preopening salaries and employee training 3,000 20,000 2,000 30,000 40,000 Total $107,000