Thermo Corporation was organized in 2013 and began operations at the beginning of 2014. The company is involved in energy development. The following costs were incurred prior to the start of operations. Costs of meetings of incorporators to discussorganizational activities……………..$ 17,000 Attorney’s fees in connection with organization of thecompany…………………….26,000Purchase of testing equipment …………..61,000Costs of meetings with potential customers ………….3,000State filing fees to incorporate…………….1,000 $108,000Instructions(a) Compute the total amount of organization costs incurred by Thermo.(b) Prepare the journal entry to record organization costs for 2014.View Solution:
Thermo Corporation was organized in 2013 and began operations at



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