Exercise $3-29($Algorithmic$)($LO$.2)$

Cherry Corporation, a calendar year C corporation, is formed and begins business on $4/1/2023.$ In connection with its formation, Cherry

incurs organizational expenditures of $$50,600.$

Round the per month amount to two decimal places. Round your final answer to the nearest dollar.

Determine Cherry Corporation's deduction for organizational expenditures for the current year.

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Under $248,$ a corporation may elect to expense the first $$5,000$ of organizational expenditures $.$ The remaining are amortized over the $180-$

month period beginning with the month in which the corporation begins business.