Question: Exercise 12-8 (Algorithmic) (LO. 7) Cherry Corporation, a calendar-year C corporation, is formed and begins business on 8/1/2019. In connection with its formation, Cherry incurs

Exercise 12-8 (Algorithmic) (LO. 7)

Cherry Corporation, a calendar-year C corporation, is formed and begins business on 8/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $50,600. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.

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