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Freitas Corporation was organized early in 2011. The following expenditures were made during the first few months of the year:
Attorneys' fees in connection with the organization of the corporation
$12,000
State filing fees and other incorporation costs
3,000
Purchase of a patent
20,000
Legal and other fees for transfer of the patent
2,000
Purchase of furniture
30,000
Pre-opening salaries
40,000
Total
$107,000
Required:
Prepare a summary journal entry to record the $107,000 in cash expenditures.
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