Nicole organized a new corporation. The corporation began business on April 1 of year 1. She...
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Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Answer is complete and correct. Start-up costs Organizational expenditures a. What is the total amount of the start-up costs and organizational expenditures for Nicole corporation? 10 S 12 S Date February 10 March 30 March 30 April 1 May 30 7,050 35,000 Amount $ 35,000 4,750 2,300 35,000 11,875 Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Answer is complete and correct. b. What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? Start-up costs expensed Organizational expenditures expensed SS Date Amount February 10 $ 35,000 March 30 March 30 April 1 May 30 5,000 5,000 4,750 2,300 35,000. 11,875 Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent. Stock issuance costs April 1-May 30 wages Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized Amount $ 35,000 4,750 2,300 35,000 11,875 c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount determined in part b)? (Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Answer is complete and correct. Start-up costs Organizational expenditures a. What is the total amount of the start-up costs and organizational expenditures for Nicole corporation? 10 S 12 S Date February 10 March 30 March 30 April 1 May 30 7,050 35,000 Amount $ 35,000 4,750 2,300 35,000 11,875 Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Answer is complete and correct. b. What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? Start-up costs expensed Organizational expenditures expensed SS Date Amount February 10 $ 35,000 March 30 March 30 April 1 May 30 5,000 5,000 4,750 2,300 35,000. 11,875 Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent. Stock issuance costs April 1-May 30 wages Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized Amount $ 35,000 4,750 2,300 35,000 11,875 c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount determined in part b)? (Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.)
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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