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Lucy organized a new corporation. The corporation began business on May 1, 2019. She made the following expenditures associated with getting the corporation started: Expense

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Lucy organized a new corporation. The corporation began business on May 1, 2019. She made the following expenditures associated with getting the corporation started: Expense Date Amount Legal drafting of corporate charter February 2 $28,000 Rental (April 2019) April 30 6,000 Organizational meeting April 30 3,500 Salaries and Wages (April 2019) April 30 8,000 Rental (May 2019) May 31 12,000 REQUIRED: i. What is the total amount of the start-up costs and organizational expenditures for Lucy's corporation? [2 marks] ii. What amount of start-up costs and organizational expenditures may the corporation immediately expense in 2019? [3 Marks) iii. What amount can the corporation deduct as amortization expense for the organizational expenditures and the start-up costs for the year 2019 (excluding the amount determined in part (b)]? [5 Marks]

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