A pharmacy chain closes its accounts on 31 December 20X1. It acquired prescription management software for 480,000, ready for use on 1 April 20X1, that is 9 months before the year-end. Its useful life is 4 years; the pattern of consumption of the benefits cannot be determined reliably and no residual value is assumed. Record the amortisation entry at 31 December 20X1.
- Cost of the software
- 480,000
- Useful life
- 4
- Months elapsed since the software became available
- 9