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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?

  • A.$160

  • B.$750

  • C.$800

  • D.$1,200

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