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Question 5 Pina Corporation commenced operations in early 2025. The corporation incurred $54,500 of costs...

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Accounting

Question 5

Pina Corporation commenced operations in early 2025. The corporation incurred $54,500 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries to record the $54,500 expenditure and 2025 amortization, if any. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

Account Titles and Explanation

Debit

Credit

enter an account title to record costs incurred

enter a debit amount

enter a credit amount

enter an account title to record costs incurred

enter a debit amount

enter a credit amount

(To record costs incurred)

enter an account title to record amortization expense

enter a debit amount

enter a credit amount

enter an account title to record amortization expense

enter a debit amount

enter a credit amount

(To record amortization expense)

Answer & Explanation Solved by verified expert
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