1 Exercise 10-31 (Algo) Software development costs [LO10-8] Ency in 2021, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2021 at a cost of $15 million of this amount. $9 milion was spent before technological feasibility was established Excalibur expects a useful life of five years for the new product with total revenues of $20 million During 2022. revenue of $5 million was recognized Required: Prepare a journal entry to record the 2021 development costs (if no entry is required for a transaction event, select "No Journat entry required" In the first account field. Enter your answers in whole dollar not in mons.) View transacties Journal entry worksheet Record the 2021 development costs Dubai Cr 1 Besearch and development pense Soare development costs ca y