Nicole organized a new corporation The corporation began business on April 1 of year 1. She made the followingexpenditures associated with getting the corporation started:ExpenseAttorney fees for articles of incorporationMarch 1-March 30 wagesMarch 1-March 30 rentStock issuance costsApril 1-May 38 wagesNote: Leave no answer blank. Enter zero if applicable.Answer is not complete.DateFebruary 10March 30March 30April 1May 30Problem 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 foryear 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 amortizedOrganizational expenditures amortized S 1,750Amount$ 40,0006,4002.80025,00010,000

Answer:- Startup cost refers to the expenses that a new business incurs before it begins generating…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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