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(Answered) XYZ Software Division (SDD) sale of assets developed:Current and Non-current assets


XYZ's Software Development Division (SDD) has developed several architectural design software packages. One software package that they have developed is being sold to an English Company for $310,000 or 385,000 pounds. The cost of developing the software was $255,000. As payment, XYZ has accepted a note receivable that is due in 5 years.;SDD has also developed a second software package. They incurred development costs of $500,000. They are trading this software package in exchange for a small office building. The fair market value of this building is $675,000.;Assignment: Discuss the accounting issues that SDD will need to account for with the sale of these two assets.;Explain XYZ's business with regard to software production.;How will the company need to account for the sale of these two assets?;What problems, if any, will XYZ encounter given the sale provisions accepted for these two assets?
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XYZ Software Division (SDD) sale of assets developed:Current and Non-current assets

 


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