2 Grant Pharmaceuticals Ltd. undertook a research and development project in 2020. As of May 1 of that year, management concluded that the project had met the requirements for the capitalization of development costs. For the remainder of 2020 and 2021, the company capitalized $9.9 million of development costs for the project. Had these costs been expensed, the company would have reported losses. In 2022, Grant began amortizing the development cost over the estimated useful life of 10 years, beginning with a full year of amortization in 2022 In 2025, the auditors concluded that the development cost did not meet the criteria for capitalization Specifically, Grant did not demonstrate that the company had sufficient financial resources to complete the development project. Grant's management agreed to correct the error in order to obtain a clean audit opinion. Ignore income taxes Fiecall: Development costs are an intangible asset Required: Record the journal entries necessary to correct Grant's accounts