Exercise 10-31 (Algo) Software development costs [LO10-8] Early in 2024, the Excalibur Company began developing a new software package to be markeied. The aroject was compirind in December 2024 at a cost of $16 million. Of this amount. $8 million was spent before technological feasibility was established. Excalibur expects a useful ife of five years for the new product with total revenues of $20 million. During 2025 , revenue of $5 million was recognized Required: Prepare a journal entry to record the 2024 development costs Note: If no entry is required for a transoction/event, select "No journol entry required" in the first account field, Enter your answers in whole dollars ond not in millions. Required: Prepare a joumai entry to record the 2024 development costs Note: If no entry is required for a transnction/event, solect "No joumol entry required" in the first account field. Enter your onswers in whole dollors ond not in millions. Journal entry worksheet