During 2021, Tulip Inc. incurred costs to develop and produce a routine, low-risk computer software product...

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During 2021, Tulip Inc. incurred costs to develop and produce a routine, low-risk computer software product as follows: Completion of detailed program design or working model P1,900,000 Cost incurred for coding and testing to establish technological feasibility 1,400,000 Other coding costs after establishment of technological feasibility 4,400,000 Costs of producing product masters for training materials 1,500,000 Duplication of computer software and training materials from product master 3,500,000 Packaging product 1,200,000 Required: What is the amount to be capitalized as intangible assets? During 2021, Tulip Inc. incurred costs to develop and produce a routine, low-risk computer software product as follows: Completion of detailed program design or working model P1,900,000 Cost incurred for coding and testing to establish technological feasibility 1,400,000 Other coding costs after establishment of technological feasibility 4,400,000 Costs of producing product masters for training materials 1,500,000 Duplication of computer software and training materials from product master 3,500,000 Packaging product 1,200,000 Required: What is the amount to be capitalized as intangible assets?

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An intangible asset is a distinct nonmonetary item th... View the full answer