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Prepare journal entry to record the software replacement

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Programming for Kids 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 Programming for Kids' other programs.

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

Original cost of old software $10,000

Accumulated amortization of old software 8,000

Purchase price of new software 7,500

Training costs 4,000

General and administrative costs 2,480

Direct cost of in-house programmer's time spent on modifying software 1,480

Question 1: Prepare journal entry to record the software replacement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132577958

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