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Prepare the entry to record amortization at december

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Question - During 2017, Carla Vista Enterprises Ltd., a private entity, incurred $4.6 million in costs to develop a new software product called Dover. Of this amount, $1.6 million was spent before establishing that the product was technologically and financially feasible. Dover was completed by December 31, 2017, and will be marketed to third parties. Carla Vista expects a useful life of 7 years for this product, with total revenues of $15 million. During 2018, Carla Vista realized revenues of $2.7 million from sales of Dover.

Prepare the entry to record amortization at December 31, 2018 using the straight line method.

Reference no: EM132178809

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