Question: Exercise 14-5 (Algorithmic) (LO. 3) Candlewood LLC began its business on March 1, 2022; and it uses a calendar tox and an accounting year. Candiewcod
Exercise 14-5 (Algorithmic) (LO. 3) Candlewood LLC began its business on March 1, 2022; and it uses a calendar tox and an accounting year. Candiewcod incurred 513,800 in legat fees for drafting the LLCs operating agreement and $6,900 in accounting fees for tax advice of an organizationai nature, for a totat of $20,700 of organizational costs. Candlewood also incurred $22,000 of preopening advertising expenses and $31,000 of salarles and training costs for new employees before opening for business, for a total of $53,000 of startup costs. The Lic desires to take the bargest deduction avaliable 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. Compute Candlewood's deductions for the first year of its operations for: a. Organizational expenditures: \$ x b. Startup expenses: $
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