Calculate total start-up and organization costs

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Reference no: EM131342008

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: EM131342008

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