Exercise 17-25 (Algorithmic) (LO. 2) Cherry Corporation, a calendar year C corporation, is formed and begins business on 2/1/2022. In connection with its formation, Cherry incurs organizational expenditures of $54,000. 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 the current year. Feedback Check My Work Under 248, a corporation may elect to expense the first $5,000 of organizational expenditures. The remaining are amortized over the 180- month period beginning with the month in which the corporation begins business.