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Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of
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 Amount $ 43,000 March 30 March 30 April 1 7,300 3,100 19,000 May 30 18,250 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expenditures 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)? Start-up costs expensed Organizational expenditures expensed 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)]? (Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Start-up costs amortized Organizational expenditures amortized d. What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation? Allowable organizational expenditure
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