Calculate total start up and organization costs

Reference no: EM131341586

At the beginning of 2011, Patel Company incurred the following start-up and organization costs: (1) attorneys' fees with a market value of $20,000, paid with 12,000 shares of $1 par value common stock, and (2) incorporation fees of $12,000.

Calculate total start-up and organization costs. What will be the effect of these costs on the income statement and balance sheet?

Reference no: EM131341586

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