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Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software...
Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a sof...
Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows: September 30 through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $2,310,000 910,000 510,000 Athens expects a useful life of five years...
Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a...
Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022 Development costs were incurred as follows: $2,310,000 910,000 510,000 September 30 through Deccember 31, 2021 January 1 through February 28, 2022. March 1 through April 30, 2022 Athens expects a useful life of five years...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: 10 points September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,310,000 910,000 510,000 00:5307 eBook Athens expects a useful life of five...
Early in 2018, the Excalibur Company began developing a new software package to be marketed. The...
Early in 2018, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2018 at a cost of $11,000,000. Of this amount, $7,000,000 was spent before technological feasibility was established. Excalibur expects a useful life of five years for the new product with total revenues of $15,000,000. During 2019, revenue of $6,000,000 was recognized. Required: 1. Prepare a journal entry to record the 2018 development costs. Record the 2018 development costs in...
Axcel Software began a new development project in 2017. The project reached technological feasibility on June...
Axcel Software began a new development project in 2017. The project reached technological feasibility on June 30, 2018, and was available for release to customers at the beginning of 2019. Development costs incurred prior to June 30, 2018, were $4,100,000 and costs incurred from June 30 to the product release date were $2,250,000. The 2019 revenues from the sale of the new software were $4,500,000, and the company anticipates additional revenues of $6,000,000. The economic life of the software is...
Axcel Software began a new development project in 2017. The project reached technological feasibility on June...
Axcel Software began a new development project in 2017. The project reached technological feasibility on June 30, 2018, and was available for release to customers at the beginning of 2019. Development costs incurred prior to June 30, 2018, were $4,700,000 and costs incurred from June 30 to the product release date were $1,800,000. The 2019 revenues from the sale of the new software were $4,500,000, and the company anticipates additional revenues of $6,500,000. The economic life of the software is...
Brief Exercise 10-19 (Algo) Software development costs; cloud computing arrangements [LO10-8] Garrett Corporation began operations in...
Brief Exercise 10-19 (Algo) Software development costs; cloud computing arrangements [LO10-8] Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered into a two-year agreement with Accurite Company. The agreement specifies that Garrett will pay $60,000 to Accurite immediately, and in return. Accurite will make its accounting software accessible via the Internet to Garrett and maintain all infrastructure necessary to run the software and store records. At any time. Garrett Corporation can freely remove its records and...
10 of 10 Early in year 1, the Carlbury Company began developing a new software package...
10 of 10 Early in year 1, the Carlbury Company began developing a new software package to be marketed. The project was completed in December, year 1, at a cost of $15 million. Of this amount, $10 million was spent before technological feasibility was established. Carlbury expects a useful life of five years for the new product with total revenues of $25 million. During year 2, revenue of $10 million was recognized. Required: 1. Prepare a journal entry to record...
Exercise 10-25 Interest capitalization; multiple periods [LO10-7] Thornton Industries began construction of a...
Exercise 10-25 Interest capitalization; multiple periods [LO10-7] Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. No new loans were required to fund construction. Thornton does have the following two interest- bearing liabilities that were outstanding throughout the construction period: $4,000,000, 9% note $6,000,000, 68 bonds Construction expenditures incurred were as follows: $ 430,000 630,000 630,000 570,000 July 1, 2018 September 30, 2018 November 30, 2018 January 30, 2019 The...
ms 8 10 Camden Blotechnology began operations in September 2018. The following selected transactions relate to...
ms 8 10 Camden Blotechnology began operations in September 2018. The following selected transactions relate to liablities of the company for September 2018 through March 2019. Camden's fiscal year ends on December 31. Its financlal statements are issued in April. 2018 a. On September 5, opened mercial Bank and negotiated a short-term line of credit of up to $21,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1, borrowed...
Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows: September 30 through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $2,310,000 910,000 510,000 Athens expects a useful life of five years...
Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022 Development costs were incurred as follows: $2,310,000 910,000 510,000 September 30 through Deccember 31, 2021 January 1 through February 28, 2022. March 1 through April 30, 2022 Athens expects a useful life of five years...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: 10 points September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,310,000 910,000 510,000 00:5307 eBook Athens expects a useful life of five...
Axcel Software began a new development project in 2017. The project reached technological feasibility on June 30, 2018, and was available for release to customers at the beginning of 2019. Development costs incurred prior to June 30, 2018, were $4,700,000 and costs incurred from June 30 to the product release date were $1,800,000. The 2019 revenues from the sale of the new software were $4,500,000, and the company anticipates additional revenues of $6,500,000. The economic life of the software is...
Brief Exercise 10-19 (Algo) Software development costs; cloud computing arrangements [LO10-8] Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered into a two-year agreement with Accurite Company. The agreement specifies that Garrett will pay $60,000 to Accurite immediately, and in return. Accurite will make its accounting software accessible via the Internet to Garrett and maintain all infrastructure necessary to run the software and store records. At any time. Garrett Corporation can freely remove its records and...
10 of 10 Early in year 1, the Carlbury Company began developing a new software package to be marketed. The project was completed in December, year 1, at a cost of $15 million. Of this amount, $10 million was spent before technological feasibility was established. Carlbury expects a useful life of five years for the new product with total revenues of $25 million. During year 2, revenue of $10 million was recognized. Required: 1. Prepare a journal entry to record...
Exercise 10-25 Interest capitalization; multiple periods [LO10-7] Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. No new loans were required to fund construction. Thornton does have the following two interest- bearing liabilities that were outstanding throughout the construction period: $4,000,000, 9% note $6,000,000, 68 bonds Construction expenditures incurred were as follows: $ 430,000 630,000 630,000 570,000 July 1, 2018 September 30, 2018 November 30, 2018 January 30, 2019 The...
ms 8 10 Camden Blotechnology began operations in September 2018. The following selected transactions relate to liablities of the company for September 2018 through March 2019. Camden's fiscal year ends on December 31. Its financlal statements are issued in April. 2018 a. On September 5, opened mercial Bank and negotiated a short-term line of credit of up to $21,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1, borrowed...
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