Question: Sheridan Inc. is developing a new process that it plans to sell. During 2022 and 2023, the company capitalized $1.14 million and $0.24 million

Sheridan Inc. is developing a new process that it plans to sell. During 2022 and 2023, the company capitalized $1.14 million and $0.24 million respectively. An additional $0.41 million was spent in 2024. During 2024, it became apparent that, due to a lack of financial resources, the company would NOT be able to complete the project. The total amount of capitalized costs relating to this project at the end of 2024 is $1.79 million. nil. $1.38 million. $0.17 million.

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