Question

Prepare Closer’s initial journal entry(s) to record its internal use software.
Identity which of the following are (1) expensed as incurred, (2) amortized and reviewed for impairment whenever events or circumstances indicate that the book value may not be recoverable, or (3) reviewed for impairment only.
a. Patent
b. Licenses, granted in perpetuity'
c. Goodwill
d. Copyright
e. Trademark
f. Computer software costs (after technological feasibility has been established)
g. Research and development (R&D)


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  • CreatedOctober 05, 2015
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