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: 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 Note: Leave no answer blank. Enter zero if applicable. Answer is not complete. Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized $ 1,750 Amount $ 40,000 6,400 2.800 Problem 10-73 Part c (Algo) What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for ear 1 (not including the amount determined in part (b))? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. 25,000 10,000
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: 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 Note: Leave no answer blank. Enter zero if applicable. Answer is not complete. Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized $ 1,750 Amount $ 40,000 6,400 2.800 Problem 10-73 Part c (Algo) What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for ear 1 (not including the amount determined in part (b))? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount. 25,000 10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text: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:
Expense
Attorney fees for articles of incorporation
March 1-March 30 wages
March 1-March 30 rent
Stock issuance costs
April 1-May 38 wages
Note: Leave no answer blank. Enter zero if applicable.
Answer is not complete.
Date
February 10
March 30
March 30
April 1
May 30
Problem 10-73 Part c (Algo)
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))?
Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.
Start-up costs amortized
Organizational expenditures amortized S 1,750
Amount
$ 40,000
6,400
2.800
25,000
10,000
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