Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

I just need help with required part 2, with the Amortization for 2022 Brief Exercise 11-13 (Static) Amortization; Software development costs [LO11-4] On September 30,

I just need help with required part 2, with the Amortization for 2022

image text in transcribedimage text in transcribed

Brief Exercise 11-13 (Static) Amortization; Software development costs [LO11-4] 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 $2,200,000 800, 80e 300,eee Athens expects a useful life of four years for the software and total revenues of $5,000,000 during that time. During 2022, revenue of $1,000,000 was recognized. Required: 1. Prepare a journal entry to record the development costs in each year of 2021 and 2022 2. Calculate the required amortization for 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a journal entry to record the development costs in each year of 2021 and 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event Credit Debit 2.200.000 1 General Journal Research and development expense Cash 1 >> 2,200,000 2 2 Research and development expense Software development costs 800,000 300.000 Cash 1,100,000 Required Required 2 > Brief Exercise 11-13 (Static) Amortization; Software development costs [LO11-4) 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 $2,200,000 Bee,eee 300,eee Athens expects a useful life of four years for the software and total revenues of $5,000,000 during that time. During 2022, revenue of $1,000,000 was recognized. Required: 1. Prepare a journal entry to record the development costs in each year of 2021 and 2022 2. Calculate the required amortization for 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the required amortization for 2022. Amortization for 2022 75,000 S

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th Edition

1337119202, 978-1337119207

Students also viewed these Accounting questions