Freitas Corporation was organized early in 2024. 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.

Transcribed Image Text:

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 Total $ 12,000 3,000 20,000 2,000 30,000 40,000 $107,000