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1. On December 31, 20x1, Byte Co. had capitalized software costs of P600,000 with an economic life of four years. Sales for 20x2 were 10% of expected total sales of the software. At December 31, 20x2, the software had a recoverable amount of P480,000. In its December 31, 20x2 balance sheet, what amount should Byte report as net capitalized cost of computer software? a. 432,000 b. 450,000 c. 480,000 d. 540,000 (AICPA)