Homework Answers
Here,
Organisational cost expense = 12000 + 3000 = $15000
Patent = 20000 + 2000 = $22,000
Summarized journal entry for cash expenditure:
| Organisational cost expense | $15,000 | |
| Patent | 22,000 | |
| Equipment | 30,000 | |
| Startup expense | 40,000 | |
| Cash | $107,000 | |
| (To record cash expenditure) |
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