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Niven Co., a developmental stage enterprise, incurred the following costs during its first year of operations:Legal fees for incorporation and other related matters $55,000Underwriters fees for initial stock offering 40,000Exploration costs and purchases of mineral rights 60,000Niven had no revenue during its first year of operation. What amount must Niven expense as organizational costs?

Answer

$155,000
$100,000
$95,000
$55,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9405469

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