Question: Closer & Co. incurred the following costs for internal-use software: $12,000 in the preliminary stage of development, $17,000 in external direct material and service costs

Closer & Co. incurred the following costs for internal-use software: $12,000 in the preliminary stage of development, $17,000 in external direct material and service costs used in developing the internal-use software, $23,000 in payroll costs for employees working on the project, and $3,500 in interest costs while developing the software. Prepare Closer & Co.’s initial journal entry(s) to record its internal-use software.

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