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Make journal entry to record the software replacement

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Blue Spruce Ltd. decided that it needed to update its computer programs for its supplier relationships. It purchased an off-the-shelf program and modified it internally to link it to Blue Spruce' other programs.

The following costs may be relevant to the accounting for the new software:

Original cost of old software $10,700

Accumulated amortization of old software 8,560

Purchase price of new software 7,400

Training costs 3,600

General and administrative costs 2,270

Direct cost of in-house programmer's time spent on modifying software 1,440

Problem 1: Prepare journal entry to record the software replacement.

Reference no: EM132718242

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