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kramer
2 years ago
9

Flint Corporation commenced operations in early 2020. The corporation incurred $58,500 of costs such as fees to underwriters, le

gal fees, state fees, and promotional expenditures during its formation.
Required:
Prepare journal entries to record the $58,500 expenditure and 2020 amortization, if any.
Business
1 answer:
Alekssandra [29.7K]2 years ago
6 0

Answer and Explanation:

The journal entry is shown below:

1. Organization expense Dr $58,500

     To cash $58,500

(Being organization expense is recorded)

Here organization expense is debited as it increased the expenses and credited the cash as it decreased the assets. Also the assets and expenses contains normal debit balance

2. No entry is required as the amortization is recorded for only intangible assets

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Live Forever Life Insurance Co. is selling a perpetuity contract that pays $1,500 monthly. The contract currently sells for $115
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Answer:

1.30%

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Everything else held​ constant, an increase in currency holdings will cause A. the money supply to rise. B. checkable deposits t
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2 years ago
When I was considering what to do with my $10,000 lottery winnings, my broker suggested that I invest half of it in gold, the va
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