WEBDESIGN Ltd decided that it needed to update its computer programs for its supplier relationships It purchased an off the shelf program and modified it internally to link it to WEBDESIGNs other programs The following costs may be relevant to the accounting for the new software Net carrying amount of old software $ 1,390 Purchase price of new software 5,760 Training costs 5,160 General and administrative costs 3,950 Direct cost of in house programmers time spent on conversion 1,750 Prepare journal entries to record the software replacement

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Question: WEBDESIGN Ltd. decided that it needed to update its computer programs for its supplier relationships. It purchased an off-the-shelf program and modified it internally to

WEBDESIGN Ltd. decided that it needed to update its computer programs for its supplier relationships. It purchased an off-the-shelf program and modified it internally to link it to WEBDESIGNs other programs. The following costs may be relevant to the accounting for the new software:

Net carrying amount of old software	$	1,390
Purchase price of new software		5,760
Training costs		5,160
General and administrative costs		3,950
Direct cost of in-house programmers time spent on conversion		1,750

Prepare journal entries to record the software replacement.

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