company made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation Purchase of a patent Legal and other fees for transfer of the patent Advertising Total $ 7,200 22,000 1,600 62,088 $92,800

company made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation Purchase of a patent Legal and other fees for transfer of the patent Advertising Total $ 7,200 22,000 1,600 62,088 $92,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Exercise 7-5B Reporting intangible assets (LO7-2)
A company made the following expenditures during the first month of operations:
Attorneys' fees to organize the corporation
Purchase of a patent
Legal and other fees for transfer of the patent
Advertising
Total
$ 7,200
22,000
1,600
62,000
$92,800
Required:
Record the $92,800 in cash expenditures. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)

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