Question: Exercise 10-19 (Algorithmic) (LO. 4) Candlewood LLC started business on October 1, and it adopted a calendar tax year. During the year, Candlewood incurred $14,600

 Exercise 10-19 (Algorithmic) (LO. 4) Candlewood LLC started business on October

Exercise 10-19 (Algorithmic) (LO. 4) Candlewood LLC started business on October 1, and it adopted a calendar tax year. During the year, Candlewood incurred $14,600 in legal fees for drafting the LLC's operating agreement and $7,300 in accounting fees for tax advice of an organizational nature, for a total of $21,900 of organizational costs. Candlewood also incurred $26,500 of preopening advertising expenses and $27,500 of salaries and training costs for new employees before opening for business, for a total of $54,000 of startup costs. The LLC wants to take the largest deduction available for these costs. If required, round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. How much can Candlewood deduct as organizational expenses? As startup expenses? The LLC may deduct $ as organizational expenses and $ as startup expenses

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