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 $2024?$

Multiple Choice

$$6,880,000$

$$1,720,000$

$$3,520,000$

$$0$