medium · Financial Accounting assets

Under ASC 350-40, a company spends $1,000,000 on internal-use software development. $200,000 was for the 'Preliminary Project' stage, $700,000 for 'Application Development,' and $100,000 for 'Post-Implementation' training.

How much should be capitalized as an intangible asset?

  1. $1,000,000
  2. $900,000
  3. $700,000
  4. $800,000

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