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www teens CengageNO BO Exercise 14-5 (Algorithmic) (LO. 3) Candlewood Liebegan its business on December 1, 2019; and it uses a calendar tax and an accounting year Candlewood incurred $14,000 in legal fees for drafting the LLC's operating agreement and $7,000 In accounting fees for tax advice of an organizational nature, for a total of $21,000 of organizational costs, Candlewood also incurred $17,000 of preopening advertising expenses and $34,800 of salaries and training costs for new employees before opening for business, for a total of 551,300 of startup costs. The LLC desires to take the largest deduction available for these costs If required, round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. Compute Candlewood's deductions for the first year of its operations for: - Organizational expenses: Startup expenses: Feedback Check My Work In its initial stages, a LLC incurs expenses related to some or all of the following activities: forming the LLC business operations (startup costs), admitting members to the LLC, marketing and selling LLC units to prospu costs), and acquiring assets. The LLC may elect to deduct up to $5,000 of such expenditures in the year in which it begins business. How limitations Vad The

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