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Problem 24-24 (LO, 2, 3) The Farakeet Partnership was formed on August 1 of the current year and admutted Mortan and Merriman as equal partucis
Problem 24-24 (LO, 2, 3) The Farakeet Partnership was formed on August 1 of the current year and admutted Mortan and Merriman as equal partucis on unat fati The partners both contributed $300,000 of cash to establish a children's clothing store in the local mall. The partinens spent Augurt and September buying inventory, equipment, supplies, and advertising for their "Grand Opening" on October 1. The pertnership will use the accrual method of accounting. The following are some of the costs incurred during the partherahip firntivir of operations. Parakeet uses a calendar tax year. Assume a calendar year-end. b. Enter the amount of for each category listed below. Round any division to two decimal places. Round final answers to the nearest dollar. Determine the total amount of organizational costs. $ Determine the total amount of startup costs. $ Determine the total amount of $162 expenses. $ Determine the total amount of amortization expense for the current year related to section 197 assets. Determine the total amount of deductible guaranteed payments. $
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