Blue Corporation commenced operations in early 2020. The corporation incurred $41,500 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries to record the $41,500 expenditure and 2020 amortization, if any. Account Titles and Explanation Debit Credit (To record organization expense) (To record amortization expense)
Blue Corporation commenced operations in early 2020. The corporation incurred $41,500 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries to record the $41,500 expenditure and 2020 amortization, if any. Account Titles and Explanation Debit Credit (To record organization expense) (To record amortization expense)
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 45P
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12 mayo 10:59 pre 20
Transcribed Image Text:Blue Corporation commenced operations in early 2020. The corporation incurred $41,500 of costs such as fees to underwriters, legal fees, state fees,
and promotional expenditures during its formation.
Prepare journal entries to record the $41,500 expenditure and 2020 amortization, if any.
Account Titles and Explanation
Debit
Credit
(To record organization expense)
(To record amortization expense)
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