Reference no: EM132785713
Entity Z is a newly established computer software company. During 20X4, the entity incurred and paid the following costs relating to a new computer software package that it expects to market in 20X5:
Cost of planning, designing, and testing during the R&D phase-P500,000
Coding costs to establish technological feasibility-300,000
Coding and testing costs after establishment of technological feasibility-100,000
Production of product masters-400,000
Entity expects total revenue of P5 million over the four-year life of the product. The entity began marketing the product in 20X5, earning revenues of P1 million during the year.
Problem 1: What are the journal entries for the costs incurred in 20X4?
Problem 2: What is the journal entry to record amortization of computer software for the year 20X5?
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