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Please help with c). Required information [The following information applies to the questions displayed below. Nicole organized a new corporation. The corporation began business on
Please help with c).
Required information [The following information applies to the questions displayed below. Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Date February 10 March 30 March 30 April 1 May 30 Amount $ 32,000 4,500 2,000 20,000 12,000 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Answer is complete and correct. $ 6,500 Start-up costs Organizational expenditures $ 32,000 b. What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? Answer is complete and correct. $ 5,000 Start-up costs expensed Organizational expenditures expensed $ 5,000 c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 [not including the amount determined in part (b)]? (Do not round intermediate calculations.) Answer is complete but not entirely correct. S Start-up costs amortized Organizational expenditures amortized 1,350 X 75 X $Step by Step Solution
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