Exercise 3-28 (Algorithmic) (LO. 2) Cherry Corporation, a calendar year C corporation, is formed and begins business on 4/1/2022. In connection with its formation, Cherry incurs organizational expenditures of $51,100. 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. 7,047 X 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.