On January $1,2024,$ a company began development of new software. The project reached technological feasibility on September $1,$ additional development costs for coding and testing were incurred through December $1,$ advertisement and distribution costs were incurred through December $31,$ and then the product was released for sale to customers early the following year. Below are the costs incurred at each stage:

Prior to September $1$ to help reach technological feasibility

From September $1$ to December $1$ for additional development

From December $1$ to December $31$ for advertisement and distribution

$$517,000$

$$317,000$

$$167,000$

The economic life of the software is estimated at three years. For what amount will software be capitalized in $2024?$

Multiple Choice

$$834,000$

$$484,000$

$$1,001,000$

$$317,000$