Corporation ZAM, a calendar-year corporation, started business on May 1 of the current year. The...
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Accounting
Corporation ZAM, a calendar-year corporation, started business on May 1 of the current year. The corporation incurred the following expenses relating to the organization of the business:
| Fee paid to state for incorporation | $3,600 |
| Legal fees for drafting corporation charter and bylaws | 9,600 |
| Cost of printing stock certificates | 2,400 |
| Commission expense on sale of stock | 4,600 |
| Expenses of temporary directors | 4,800 |
If Corporation ZAM elects to amortize all of its organizational expenses, what is its maximum allowable amortization for the year?
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A.$160
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B.$750
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C.$800
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D.$1,200
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