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Prepare memo to patrick discussing the financial accounting

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Question - During the year, Elaine had the College's website completely redone. The new website was launched in June. It now has much more functionality and ease of use including allowing students to apply for a program and pay on-line (this was done manually in-person before). Elaine paid $30,000 during the year to a developer for the software and development work and has expensed this amount. Her staff also spent two days in training to use the software and their time would be valued at $1,200. Elaine also estimates that she used about $4,800 of her time in meetings relating to this project. She is wondering if she could include the costs as an asset. Prepare memo to Patrick discussing the financial accounting issues?

Reference no: EM132768384

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