Impact Systems Inc. has recently designed and developed its own payroll system intended for internal use. If there is a market, the company may also decide to sell it to outside companies. Work on this project was completed over an $18-$month period. The following costs were incurred in development of the software:

Conceptual design work $ $7,300$

Evaluation and decision on alternative options $9,325$

Evaluation and consideration software requirements for options $21,250$

Final selection of option $5,275$

Software design work $104,500$

Software coding $58,700$

Testing of software $26,475$

Data conversion costs information from old system $18,400$

Staff training on new software $4,650$

Allocation of general and administrative costs $18,950$

Ongoing software maintenance $9,900$

Required:

$1.$ Indicate how much would be accounted for as an intangible asset for software.