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need help on part 2 Check my work mode: This shows what is correct or Incorrect for th rief Exercise 11-13 (Algo) Amortization; Software development
need help on part 2
Check my work mode: This shows what is correct or Incorrect for th rief Exercise 11-13 (Algo) Amortization; Software development costs [LO11-4) on September 30, 2021. Athens Software began developing a software program to shield personal computers from malware and pyware Technological feasibility was established on February 28, 2022, and the program was available for release on Apni 30, 2022 Development costs were incurred as follows: September 3e through December 31, 2021 January 1 through February 28, 2022 March 1 through April 30, 2022 $3,000,000 1,200,000 468,000 Athens expects a useful life of four years for the software and total revenues of $6,600,000 during that time. During 2022, revenue of $1,320,000 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 X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a joumal 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 General Joumal Debit Credit 1 1 3,000,000 Research and development expense Cash 3,000,000 2 2 Research and development expense Software development costs Cash OOO 1,200,000 468,000 1,668,000 Required 2 >Step by Step Solution
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