Blue Corporation commenced operations in early 2020. The corporation incurred $64,000 of costs such as...
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Accounting
Blue Corporation commenced operations in early 2020. The corporation incurred $64,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation.
Prepare journal entries to record the $64,000 expenditure and 2020 amortization, if any.
Account Titles and Explanation
Debit
Credit
(To record organization expense)
(To record amortization expense)
Answer & Explanation
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