Record the amount of amortization of capitalized computer development software costs for 2020.
Record the amount of amortization of capitalized computer development software costs for 2020.
Chapter8: Depreciation And Sale Of Business Property
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Amortizing Software Development Costs
During 2020, the E-Software Company capitalized computer software costs in the amount of $4,400,000. During 2020, the first year the product is released to sell, sales total $2,200,000. Estimated future sales for the remaining three-year life (through 2023) of the product are $15,400,000.
Record the amount of amortization of capitalized computer development software costs for 2020.
Date | Account Name | Dr. | Cr. |
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Dec. 31, 2020 | AnswerCashNote ReceivableDiscount on Note ReceivableEquipmentAccumulated DepreciationFranchiseGoodwillPatentSoftware Intangible AssetTrademarkNote PayableDiscount on Note PayableCommon StockPaid-in Capital in Excess of Par—Common StockSales RevenueAmortization ExpenseLegal ExpenseOrganization ExpenseResearch and Development ExpenseSoftware Amortization ExpenseSoftware Development ExpenseGain on saleImpairment LossN/A
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AnswerCashNote ReceivableDiscount on Note ReceivableEquipmentAccumulated DepreciationFranchiseGoodwillPatentSoftware Intangible AssetTrademarkNote PayableDiscount on Note PayableCommon StockPaid-in Capital in Excess of Par—Common StockSales RevenueAmortization ExpenseLegal ExpenseOrganization ExpenseResearch and Development ExpenseSoftware Amortization ExpenseSoftware Development ExpenseGain on saleImpairment LossN/A
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Answer
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