Question 7 0.5 pts Realizing that bacon toothpaste probably wasn't the best invention, Mr. Bacon started a new business to develop a new product-bacon-scented sunscreen. Mr. Bacon spent 6 months (January 2018- June 2018) and $60,000 in developing the sunscreen. The product launched July 1, 2018, and initially it was a huge success. Mr. Bacon generated over $600,000 in sales in 2018. Sales tapered off quickly, and Mr. Bacon only had $10,000 in sales in 2019. Mr. Bacon will have no sunscreen sales after 2019, and the product will be officially abandoned in 2020. What amount of R&E expenditures can Mr. Bacon deduct in 2018 if he elects to amortize R&E expenditures over the shortest allowable period of time beginning on July 1, 2018 (the month he first sells the product to generate income)