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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
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 - $24,000 in payroll costs for employees working on the project - $4,300 in interest costs while developing the software Required: Prepare Closer's initial journal entry(s) to record its internal-use software. Prepare the journal entries to record the company's internal-use software costs on December 31 . General Joumal Instructions
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