Closer & Co. incurred and paid the following costs for internal-use software:

	$12,000 in the preliminary stage of development
	$17,000 in external direct material and service costs used in developing the internal-use software
	$23,000 in payroll costs for employees working on the project
	$3,500 in interest costs while developing the software

Required:

Prepare Closers initial journal entry(s) to record its internal-use software.