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Problem 14-24 (Lo. 2, 3) The Parakeet Partnership was formed on August 1 of the current year and admitted Morian and Merriman as equal parthers on mat ds: The parthers both contributed $300,000 of cash to establish a children's clothing store in the local mali. The parthern spent, August and September buying inventory, equipment, supplies, and advertising for their "Grand Opening" on October 1. The parthership will use the accrual method of accounting. The following are some of the costs incurred during the partinerahipis firnt year of operations. Parakeet uses a calendar tax vear. Assume n ralenda. In addition, on October 1, the partnership purchased all of the assets of Granny Newcombs, Inc. Of the total purchase price for these assets, $200,000 was allocated to the Granny Newcombs trade name and logo. b. Enter the amount of for each category listed below. Round any division to two decimal places. Round final answers to the nearest dollar. Determine the total amount of organizational costs. $ Determine the total amount of startup costs. $ Determine the total amount of $162 expenses. $ Determine the total amount of amortization expense for the current year related to section 197 assets. Determine the total amount of deductible guaranteed payments. 1

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