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Blue Corporation commenced operations in early 2020. The corporation incurred $64,000 of costs such as...

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Question

Accounting

Blue Corporation commenced operations in early 2020. The corporation incurred $64,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation.

Prepare journal entries to record the $64,000 expenditure and 2020 amortization, if any.

Account Titles and Explanation

Debit

Credit

(To record organization expense)

(To record amortization expense)

Answer & Explanation Solved by verified expert
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