During 20X2, Pink Enterprises spent $5,000,000 developing its new Data Find software package Of this amount, $2,000,000 was spent before technological feasibility was established for the product, which is to be marketed to third parties. The package was completed by December 31, 20X2. Pink expects a useful life of 8 years for this product with total revenues of $14,000,000. During the first year of sale (20X3), Pink realizes revenues of $2,800,000. REQUIRED: (1) (2) (3) (4) Prepare general journal entries, in proper form, required in 20X2 to record the above facts. Provide a brief explanation for your entry Prepare the general journal entry, in proper form, to record amortization for the year ended December 31, 20X3. Omit explanation. Show the balance sheet presentation for the computer software costs as of December 31, 20X3. How would your answers for (1), (2), and (3) be different if the computer software was developed for internal use