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Exercise 10-19 (Algorithmic) (LO. 4) Candlewood LLC started business on December 1, 2017 and adopted a calendar year. During 2017, Candlewood incurred $13,000 in lega
Exercise 10-19 (Algorithmic) (LO. 4) Candlewood LLC started business on December 1, 2017 and adopted a calendar year. During 2017, Candlewood incurred $13,000 in lega fees for drafting the LLC's operating agreement and $6,500 in accounting fees for tax advice of an organizational nature, for a total of 19,500 of organizational costs. Candlewood also incurred $24,500 of preopening advertising expenses and $29,500 of salaries and training costs for new employees before opening for business, for a total of $54,000 of startup costs. The LLC wants to take the largest deduction available for these costs. If required, round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. In 2017, the LLC may deduct as organizational expenses and as startup expenses
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