A company began a new software development project in $2023.$ The project reached

technological feasibility on June $30,2024,$ and was available for release to customers at the

beginning of $2025.$ Development costs incurred prior to June $30,2024,$ were $$3,520,000$ and

costs incurred from June $30,2024,$ to the product release date were $$1,720,000.$ The

economic life of the software is estimated at four years. For what amount will software be

capitalized in $2024?$

A$)$ $$1,720,000$

B$)$ $$0$

C$)$ $$3,520,000$

D$)$ $$6,880,000$

When one company acquires another company, any acquired $"$in$-$process research and

development" is recorded as:

A$)$ Finite$-$life intangible asset.

B$)$ Property, plant, and equipment.

C$)$ Research and development expense.

D$)$ Indefinite$-$life intangible asset.

Start$-$up costs include costs associated with:

A$)$ introducing a new product or service.

B$)$ conducting business in a new territory.

C$)$ conducting business with an entirely new class of customers.

D$)$ All of the other answer choices include start$-$costs.